With more than 100 countries globally utilizing International Financial Reporting Standards (IFRS), it’s quickly becoming the primary accounting framework recognized within organizations worldwide. The SEC has planned an outline for U.S. public companies to adopt IFRS accounting standards and is working towards converging it with Generally Accepted Accounting Principles (GAAP).
Merging GAAP with IFRS can lead to many significant changes within your organization. It can impact your tax reporting, IT systems, benefit plans, and compensation arrangements.
As these two accounting standards collide, GBH will work closely to assist you with:
- IFRS Financial Statement Audits
- IFRS Technical Support
- IFRS Transitional Phase Assistance
- IFRS Impact Assessments
- IFRS Implementation Planning
Regardless of whether your organization must comply with IFRS or GAAP, having a third party review your financials is key to upholding the integrity and consistency of each.
We offer advice on:
- GAAP conversion and reconciliation
- How to identify potential differences between your existing reporting framework and GAAP reporting practices
- How to quantify any differences identified
- The best way to form and present financial statements