Many countries across the world have already adopted or are in the process of adopting International Financial Reporting Standards (IFRS). The impact of IFRS accounting standards is already being felt by U.S. companies as more and more U.S. subsidiaries of foreign companies are converting to IFRS to align their financial reports with their parent company.
Transitioning from U.S. GAAP to IFRS is not just an accounting issue; it can lead to significant changes throughout the organization. A switch to IFRS can impact information systems, vendor contracts, tax reporting, benefit plans, and more. Proper planning is important to minimize disruptions and controlling costs associated with this conversion process.
Our clients count on the depth and experience in valuation, internal controls, domestic and international tax and information technology to assist with the IFRS conversion process.
Our services include:
- Assisting management with selection of IFRS accounting policies
- Identifying client-specific US GAAP to IFRS differences
- Identifying disclosure requirements
- Quantifying adjustments necessary to covert from US GAAP to IFRS
- Preparing IFRS financial statements and disclosures
- IFRS technical support
- IFRS training for client personnel
- IFRS implementation plan and project management
- Audits and reviews of IFRS financial statements
For more information on our IFRS services, review our brochure and contact Frank Farris, CPA, 502.882.4664.
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