Many U.S. companies with parent companies or subsidiaries in other countries have become familiar with the International Financial Reporting Standards (IFRS). IFRS is the equivalent of the United States Generally Accepted Accounting Principles (GAAP) used by more than 120 countries around the world. While the adoption of IFRS for publicly-traded companies in the United States waits on approval and a timeline from the SEC, there has been a trend in recent years for many of the U.S. and IFRS standards to be merged or converged as new standards are issued. It is important for public companies to take a focused approach to IFRS adoption, as history in other countries has shown this to be a very costly and complicated process.
The Bruner-Cox LLP team can assist in your IFRS needs by providing educational seminars to businesses on the topics which may cause a company concerns with potential IFRS adoption.
In addition, Bruner-Cox LLP can work with your accounting personnel to analyze differences between U.S. GAAP and IFRS that affect your company and financial statements. Once the differences are identified, we can implement a plan to address these differences and educate boards and audit committees with a planned adoption approach. As with the Sarbanes-Oxley adoption that U.S. public companies were required to implement, being proactive and timely on this adoption can be beneficial.
The Bruner-Cox LLP team continually follows IFRS adoptions in other countries and can assist you with best practices as you work through the process.
For more information on IFRS, please contact, , Assurance Services Partner at 330.376.0100.
