IFRS

The world continues to shrink. Markets are no longer limited by country boundaries, prompting the need for a single set of high quality globally accepted accounting standards. International Financial Reporting Standards (IFRS), as issued by the Internal Accounting Standards Board, appear to be the globally accepted standards we have been seeking. Already 113 countries require or permit the use of IFRS for listed companies. And even though the SEC hasn’t finalized the roadmap for public company adoption of IFRS in the U.S., private companies can get a jumpstart on the conversion. Mid-market and large private companies – especially those with overseas markets – might find IFRS conversion appealing. Simplified financial reporting and improved comparability of financial information worldwide are just a couple benefits of conversion. But the increased reliance on judgment by management, effects on business operations and legal ramifications of an adoption to IFRS are not to be taken lightly. Luckily, our experienced IFRS team doesn’t shy away from a challenge. They’ll be with you every step of the way to ensure your transition to IFRS is as smooth as possible.

The Team

Peter Kwong, Shareholder
Chuck Landers, Principal

Resources

International Accounting Standards Board (IASB)
BDO IFRS Resource Center