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Staying on Top of the GAAP to IFRS Conversion

  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
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  Article Summary  
International Financial Reporting Standards (IFRS) have been at the forefront of discourse for the past several years, as the SEC continues to bat around the notion of converting U.S. practices over from Generally Accepted Accounting Principles (GAAP). The conversion has been pushed back repeatedly over the past few years as debates continue over the best method of shifting standards. However, there should be no doubt that despite the delay, the change will take place.

This article reviews GAAP/IFRS convergence and its impact on accounting practices and financial reporting. Reviewed are recent developments, SEC comments on condorsement, projected benefits of the transition, and recommended actions that forward-thinking companies should be taking to be prepared for the coming changes.

Los Angeles executives with current internal resources fully committed to core financial operations may want to consider engaging with an outsourced provider of CFO services. An outside financial advisor experienced in GAAP-to-IFRS conversion can assess current IFRS readiness and recommend a comprehensive course for transition implementation.

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