Conversion to International Financial Reporting Standards IFRS will likely be the largest single change of accounting policies and procedures ever undertaken by US companies. The move to IFRS may compel companies to make significant changes in business processes and supporting systems beyond the finance function. While the proposed timelines for...
Successful businesses around the globe have shown time and again that what at first glance may appear as a difficult and costly change in regulation can be an opportunity for efficiency and market growth. The same is true of the move to International Financial Reporting Standards IFRS. Innovative and successful...
The SEC proposes that 2014 be the first year for US registered companies to file their financial statements in International Financial Reporting Standards IFRS format. This white paper covers how to effectively managing the this upcoming transition to IFRS. You will learn how to form the IFRS transition...
Jason Busch has an excellent post: Friday Rant: Beyond SarbOx -- Waiting for the Big One to Hit . I'm betting few people want to talk about this particular hot potato. Please don't choke on your early morning coffee. He says: Then as now [when SarbOx was enacted], companies...
In late November 2008, the Securities and Exchange Commission SEC released for comment its proposed roadmap of the steps required for conversion from US Generally Accepted Accounting Principles US GAAP to International Financial Reporting Standards IFRS. Its release takes closer to a single set of high-quality, globally accepted accounting standards,...
This paper follows on from the article in last month's IFRS news on the lease accounting discussion paper. Marian Lovelace looks in more detail at the proposals announced in March and their implications for businesses. The basic lease accounting model under IFRS has not changed since the adoption of IAS...
Oftentimes, before a company can embed IFRS as its primary financial reporting standard, it must go through a dual-reporting period during which IFRS and US GAAP financial statements are reconciled. The ability to meet challenging multi-GAAP reporting requirements largely depends upon the magnitude of the IFRS and US GAAP differences,...
Given the length of time it takes to change an organization's people, process and technologies, and to adopt governance practices globally, now is the time to assess and plan for the impacts of an IFRS transition on organization. Those companies that act now to get the jump on IFRS requirements...
This paper highlights some of the significant differences between International Accounting Standard IAS 19 and US generally accepted accounting principles US GAAP for post-employment benefits, including pensions and other post-retirement benefits such as retiree health benefits, and review the proposed changes to IAS 19. The proposed changes will most likely...
The timeline provided in the SEC's proposed roadmap provides companies with the opportunity to develop a strategic, timely, and comprehensive plan to approach, analyze, and manage the conversion to IFRS in a measured and thoughtful manner. As will be discussed in this paper, there can be significant tax ramifications and...
Technology companies, by their very nature, are innovative, leading edge, adaptable, and quick to take notice of their competition - including any new arrivals on the scene. So, it is not a surprise that technology companies are keeping an eye on International Financial Reporting Standards IFRS and are likely to...
Inevitably, corporate financial reporting will be in a state of flux for the foreseeable future. The IASB has ambitious plans to facilitate the convergence of local and country standards with IFRS. Unexpected issues are certain to arise during this worldwide implementation, and unforeseen circumstances will require that the standards be...
This white paper identifies the many challenges companies face when implementing International Financial Reporting Standards IFRS in corporate reporting. It also explores how Oracle's IFRS-enabled enterprise performance management system can ease this transition. The Oracle solution provides the high level of analysis and transparency that companies need in today's demanding...
As the U.S. enters the period of historic debate over global accounting and financial reporting standards, companies should be preparing for change. Whether one is on the path to becoming an early adopter or want to know how the transition to IFRS went for companies outside the U.S., this white...
This paper examines key changes to IFRS risk reporting, under which insurers will be required to set out how management itself perceives, measures and manages risk. The changes offer well-run insurers an opportunity to demonstrate the strengths of their risk management more forcibly at a time when analysts and investors...
Current accounting and reporting practices fall short of meeting the information needs of the capital markets in the 21st century. A critically important element in the solution to this problem is the convergence of US GAAP and IFRS, a process now under way at an early stage. Will convergence rise...
The high-profile corporate scandals of several U.S. based companies, most notably Enron and WorldCom, led Congress to act to restore public confidence in U.S. financial markets. The result was the Sarbanes-Oxley Act of 2002 often referred to as SOX which set strict guidelines for financial disclosure and reporting for all...
This paper is an overview of International Accounting Standards IAS and a description of the functionality of Microsoft Business Solutions - Axapta 3.0, a customizable, scalable, and global ERP solution that helps companies connect with their business partners, optimize business processes, and gain competitive advantages. This paper is intended to...
BASDA is the representative body for 250 of the largest software developers in the world. This white paper provides the definitive reference for the implementation of the International Financial Reporting Standard IFRS in business systems. The International Accounting Standards Board IASB has issued a wide range of International Accounting Standards...
Oxford Dictionary of Accounting for iPhone offers comprehensive coverage of financial and management accounting. Nearly 4,000 clear and accessible entries give straight forward definitions of terms, concepts, and jargon. An invaluable resource for students and professionals in the fields of accounting and finance. The topics include financial reporting, direct, and...
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