PRIMARY CONTACTS: Joseph A. Bruce, Todd J. Lucas
U.S. companies may be required to convert their financial reporting from Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS). As it currently stands, approximately 120 countries permit or require reporting in accordance with IFRS. This convergence of standards will affect public companies as well as non-public companies.
If and when IFRS becomes the global accounting standard, the only remaining questions for U.S. companies are “when?” and “how?” The SEC answered the “when” with its release of a proposed roadmap, which includes a timeline for adopting IFRS, beginning in 2014 for public companies. With no definitive timeline for IFRS implementation for privately-held companies, the International Accounting Standards Board (IASB) issues IFRS for small- and medium-sized entities (SMEs), a condensed version of full IFRS that should be easier to adapt and implement, in July 2009.
As for the “how,” that is a more difficult question to answer. IFRS will not only affect your company’s finance and accounting departments, but also will affect processes, internal controls and information technology systems. With many companies already mired in the daily grind of financial accounting and reporting under a set of often complex standards, learning, adapting, implementing, and understanding these international standards will be a challenge. There is a reasonable, cost-effective solution to convergence service providers with Schneider Downs.
Our experienced personnel can assist with project management and planning, needs and GAP analysis, information systems reviews, as well as training and understanding of IFRS and its impact on you.
Read recent IFRS updates.
Links
Additional Resources
Big Problem: Company Impacted By Ransomware.
Big Thinking: Restore System On-site And Avoid Six-figure Ransom.
Big Problem: Inefficient Tax Credit Realization.
Big Thinking: Identified A $900,000 Tax Credit, Nearly Twice As Much As Prior Years.
What are the pros and cons of each HITRUST Certification? When it comes to properly navigating the post-HITRUST version 11…
Read More >The Bank Secrecy Act (BSA) establishes program, recordkeeping and reporting requirements to ensure that banks have controls in place to…
Read More >Manufacturers must overcome many challenges to remain competitive in an increasingly global market. From understanding and implementing sophisticated automated technologies…
Read More >Discover how the latest TikTok trend led users to commit a form of check fraud known as check kiting. TikTok…
Read More >On Thursday, September 5th, 2024, the Tower Club in Tyson’s Corner, VA, hosted a highly anticipated SD Capital event, bringing…
Read More >Receive all the latest insights and industry tips.
Schneider Downs is a Top 60 independent Certified Public Accounting (CPA) firm providing accounting, tax, audit and business advisory services to public and private companies, not-for-profit organizations and global companies. We also offer Internal Audit; Technology Consulting; Software Solutions; Personal Financial Services; Retirement Plan Solutions and Corporate Finance Services. Schneider Downs is the 13th largest accounting firm in the Mid-Atlantic region and serves individuals and companies in Pennsylvania (PA), Ohio (OH), West Virginia (WV), New York (NY), Maryland (MD), and additional states in the United States with offices in Pittsburgh, PA, Columbus, OH, and McLean, VA.
© 2024 Schneider Downs & Co., Inc. Maryland license number 35239.
Every moment counts. For urgent requests, contact the Schneider Downs digital forensics and incident response team at 1-800-993-8937. For all other requests, please complete the form below.
"*" indicates required fields