IFRS

On August 27, 2008, the Securities and Exchange Commission (SEC) proposed a roadmap outlining key milestones that need to be met as the SEC moves toward the mandatory adoption of International Financial Reporting Standards (IFRS) for all U.S. filers.

IFRS - Are You Ready To Adopt?The proposed SEC roadmap provides an initial timeline enabling U.S. issuers to begin assessing the impact IFRS will have on their businesses and planning for an orderly transition to IFRS. Proactively assessing the impact of IFRS on your company will also allow you to evaluate the cost, benefits and opportunities created by this transition.

If you could benefit from a best-practice approach to assessing the impact of IFRS on your company, Jefferson Wells can help. Our clients include Fortune 500 and Global 1000 companies, and our professionals are skilled in technical accounting, financial process improvement, tax, project management, technology and internal control compliance.

Developed in public and private companies, our expertise encompasses a variety of industries and business environments, enabling us to assist you in assessing:

  • Organizational readiness and recommending next steps
  • The impact and risks of transitioning from U.S. GAAP to IFRS with respect to internal and external financial statements
  • The impact and risks of transitioning from U.S. GAAP to IFRS on tax accounting, strategy and planning
  • Current policies and procedures for consistent and complete compliance with IFRS
  • Current processes and related internal controls to ensure SOX 302 and 404 compliance is maintained
  • Project management needs from assessment through implementation

Our IFRS Impact Assessment Services add value when:

  • Resources with technical IFRS and/or implementation experience are not available in-house
  • An unbiased view of your specific situation is needed or required without jeopardizing auditor independence or increasing audit fees
  • Finance, tax and control functions are decentralized
  • Change management skills are limited


 

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En février 2008, le Conseil des normes comptables (CNC) du Canada a proposé un projet de feuille de route décrivant les étapes à franchir en prévision de l’adoption obligatoire des normes internationales d’information financière (IFRS) par l’ensemble des déclarants canadiens.

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The European Experience

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In August 2008, the U.S. Securities and Exchange Commission (SEC) provided U.S. financial markets with a roadmap for adoption of International Financial Reporting Standards (IFRS). It offers a select group of issuers the option to file using IFRS, followed by mandatory filing for all public companies. By most accounts, the transition from U.S. generally accepted accounting principles (GAAP) to IFRS is inevitable.

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Podcasts

Podcast

IFRS topics in MP3 file format are available for use on any device. Listen/Download Now!

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In The News

View Jefferson Wells Finance and Accounting Global Practice Leader Rebecca Albarelli's interview on the Business Finance web site in relation to the IFRS European Experience Whitepaper, available for download on this page.

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