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IFRS vs. Convergence: Three Findings and Three Actions to Take Now

  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
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  Article Summary  
  With many significant FASB/IASB reporting convergence projects approaching completion by the targeted June 30 date, the stage is set for a likely Q3 or Q4 2011 statement by the Securities and Exchange Commission that will resolve whether U.S. public companies will be required to report under International Financial Reporting Standards (IFRS).

If the statement does not make IFRS reporting mandatory, it will provide needed clarity on how continued reporting under U.S. GAAP will be combined with convergence between FASB and IASB standards. In the meantime, there is certainty that U.S. companies be well-versed in IFRS given adoption by over 100 countries to date.  

This brief looks at findings in terms of the following three perspectives on IRFS vs. a more gradual convergence:
  • U.S. business executives’ and professionals’ perspectives on IFRS
  • SEC perspective on full adoption vs. gradual convergence
  • IASB and European views on the importance of full adoption
  Also reviewed are three actions that companies can take now in order to be prepared for any outcome.  
  • Assess IFRS impact, set objectives, and prepare for transition
  • Identify “what if” scenarios and stay informed
  • Gap analysis: available vs. needed resources and systems
  A proactive, front-loaded IFRS-vs-Convergence approach is essential to controlling exposure and costs, as well as growing profitability and shareholder value.  
  Open the entire article as a PDF  
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