US GAAP convergence and IFRS

IFRS transition

IFRS and US GAAP

Similarities and Differences

Entertainment and media companies are accustomed to dealing with competing standards - VHS versus Betamax and Blu-ray versus HD DVD - and the impact of fundamental market changes - such as the move to digital content and the entry into behavioral advertising.

Likewise, the move to International Financial Reporting Standards could significantly affect the day-to-day operations of entertainment and media 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 global advertising and marketing provider strategically prepares for IFRS conversion

A large US advertising and marketing services provider needed to plan for the adoption of IFRS, first for statutory reporting purposes at its non-US subsidiaries, and then for reporting in the US. PwC's IFRS specialists gathered information from its global subsidiaries, customized PwC's IFRS versus US GAAP diagnostic and deployed PwC's Transition IFRS platform. PwC's knowledge and tools allowed the company to efficiently scope and prioritize IFRS transition-related issues. The company developed a project approach to manage the accounting and related people, process, and systems issues at both their US and non-US subsidiaries.