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Guide to International Financial Reporting Standards: Frequently Asked Questions
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International Financial Reporting Standards (IFRS) are the principles-based financial reporting requirements adhered to by more and more countries worldwide, with conversion to these standards well underway in many nations, including Canada and Japan. As for the United States, in November 2008, the U.S. Securities and Exchange Commission (SEC) proposed the Roadmap for the potential use of financial statements prepared in accordance with IFRS by U.S. issuers for purposes of their filings with the SEC. As currently proposed, the SEC’s Roadmap sets forth several milestones that, if achieved, could lead to the required use of IFRS by U.S. issuers beginning in 2014. However, Protiviti believes the proposed dates are likely to change.
Without question, the transition under consideration by the SEC will have far-reaching ramifications for companies, affecting not just external financial reporting, but business strategies and policies, business processes, people and resources, internal reporting, methodologies and financial reporting systems and underlying data. To assist organizations with this pending transition and provide answers and guidance to some of the many questions about the conversion to IFRS, Protiviti has published Guide to International Financial Reporting Standards.
The IFRS guide includes an overview of the standards and the many conversion-related challenges that must be addressed; a specific look at IFRS in the United States; and reviews of IFRS in Canada and Japan, where the adoption of IFRS is well underway.
Download Guide to International Financial Reporting Standards (PDF; please disable your pop up blocker) (requires Acrobat Reader)
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