US GAAP convergence and IFRS

IFRS transition

IFRS and US GAAP

Similarities and Differences

Communications companies are accustomed to dealing with competing standards and the impact of fundamental market changes - such as the move to digital content.

Likewise, the move to International Financial Reporting Standards could significantly affect the day-to-day operations of communications companies and may even impact your reported profitability. PwC works with companies to help them prepare now to take advantage of IFRS and to avoid a resource-intensive effort at the eleventh hour.

PwC's business consultants can assess what changes you should expect in financial reporting, risk management and capital management. Our areas of expertise:

  • Improving transparency and comparability for investors and rating agencies
  • Creating more efficient access to global capital
  • Providing access to scarce IFRS knowledge resources
  • Offering insights into implications of tax-related issues
  • Fine-tuning your strategies to capitalize on synergies
  • Reducing the cost of financial reporting for global companies
  • Streamlining merger and acquisition activity

A large information provider makes a successful transition to IFRS

A Canadian information-providing company wanted to make the transition from Canadian GAAP to IFRS. The company asked PwC to serve as the auditor for the completed work. The PwC Audit team quantified the differences between GAAP and IFRS and analyzed the financial statement disclosures and new accounting policies. As a result, the client successfully filed its first-quarter financial statements following IFRS.