International Financial Reporting Standards
Foreign Accounting
Many SEC-registered companies and larger privately-held companies are educating themselves on the inevitable conversion to International Financial Reporting Standards (IFRS).
Auditors of SEC-registered clients will be conflicted out of these types of services since they will be required to audit the information in the future. We can assist with the conversion process while coordinating with your independent auditors at every step of the way.
Benefits
- Elimination of dual reporting for foreign subsidiaries using IFRS locally
- Comparability of financial information with international competitors
- Everyone “speaking the same language”
Considerations
Realize this is not just an accounting exercise. Adoption efforts may parallel or exceed efforts relating to Sarbanes Oxley, impacting:
- Internal and external users of financial information
- Internal preparers and reviewers of financial information
- Accounting/reporting policies, procedures, processes and controls
- Information technology and systems
- Tax planning
- Performance indicators (both for measuring benchmarks and for indicators such as debt covenants)
- Employee and executive compensation
- Monitor and respond to changes in GAAP in response to the convergence initiative
- Organize a conversion team
How we can help
We can help educate your team on the differences between IFRS and U.S. GAAP. We can also work with other users of financial information (management, lenders, shareholders, boards) to help them understand the impact.
We can help your teams focus on each specific project required for conversion and identify actions required. In certain cases, we can reform detailed calculations to assist teams in quantifying impacts to financial statements.
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