The movement toward a single set of global accounting standards continues to gain momentum. More than 100 countries now use IFRS, and, based on the current stance of the SEC, it will eventually be required for financial reporting by public companies in the U.S. and around the globe. Over the next three years, the number of countries that will either permit or require IFRS is scheduled to increase dramatically.
On October 22, 2009, I will be co-presenting the first webinar of a three-part IFRS webinar series on conducting an IFRS assessment with my colleague Glen Feinberg and SAP’s Pete Graham. I will provide an overview of the current regulatory environment and the global conversion efforts. I will highlight Deloitte’s typical multi-functional approach and strategy of conducting an IFRS implementation, and the typical key challenges faced during this process.
A successful IFRS implementation does not happen overnight. Many companies that have been through an IFRS implementation found that the initiative can span several years due to the entity-wide scope of the effort that is required. Deloitte’s approach considers the broader implications of adopting IFRS on tax, statutory reporting, systems, processes, controls and the organization. I will provide insight into potential opportunities that companies can leverage during an initial IFRS assessment to potentially improve finance and reporting capabilities. In addition, I will discuss in general the next steps to consider as companies continue with their long-term preparation for a possible mandatory IFRS adoption in the U.S.
Nick Difazio, National Leadership Partner – IFRS, Deloitte & Touche LLP
Deloitte means Deloitte & Touche LLP and Deloitte Consulting LLP, which are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.