Navigating the move to IFRS

January 2010
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Navigating the move to IFRS for the forest, paper and packaging industry

At a glance

PwC whitepaper provides an overview of the significant accounting differences between IFRS and US GAAP, delves into how the differences might affect the forest, paper and packaging industry and how companies can prepare for conversion.

Sowing the seeds for a transition to International Financial Reporting Standards in the US forest, paper and packaging industry

The eventual transition to International Financial Reporting Standards (IFRS) in the United States is inevitable. The change will impact global and domestic companies, and will ultimately lead to IFRS replacing US Generally Accepted Accounting Principles (US GAAP) for public companies at some point in the relative near term. Adoption may be a smooth transition for some companies, but our experience shows it's likely to be complex for most.

This paper discusses the impact of IFRS on the forest, paper and packaging (FPP) industry, and what is required to transition successfully. Companies need to think far beyond the finance and accounting functions, and involve departments such as human resources, investor relations, business development, tax, treasury and information technology (IT).

Assessing the impact of GAAP differences on key business issues facing FPP companies is also an important element of planning for an IFRS conversion. Timber, property, plant, equipment, and intangible, joint ventures and operations are just a few areas to consider.

Navigating the move to IFRS: Sowing the seeds for a transition to IFRS in the US forest, paper and packaging industry provides an overview of the significant accounting differences between IFRS and US GAAP, delves into how the differences might affect the chemicals industry and how companies can prepare for conversion.