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IFRS Reporting and Resources

More than 100 countries have adopted International Financial Reporting Standards (IFRS), either as issued by the International Accounting Standards Board or as endorsed by a particular jurisdiction. SEC rule-making suggests that U.S. capital markets will likely have made the transition to IFRS within the next few years.

Grant Thornton International member firms combine broad international experience with technical know-how in audits of IFRS-based financial statements. We can also help clients convert to or from U.S. GAAP and IFRS.

IFRS conversion services include the following:

  • Assisting management with selecting IFRS accounting policy alternatives such as voluntary exemptions provided by IFRS 1, First-time Adoption of International Financial Reporting Standards, including the implications of selecting such alternatives
  • Identifying client-specific differences between U.S. GAAP and IFRS
  • Identifying information requirements for converting to or from U.S. GAAP and IFRS
  • Determining adjustments necessary to align financial reporting with the appropriate basis of accounting
  • Preparing financial statements and disclosures to meet requirements
  • Assisting with accounting systems and internal controls design and implementation
  • Assisting with stakeholder communications
  • Providing targeted training for accounting personnel

On the Horizon for IFRS

IASB issues November 2014 IFRIC meeting highlights

The IFRS Interpretations Committee has issued an update summarizing the deliberations during its meeting in London on Nov. 11.

Revenue recognition

Digging into new rev. rec. standard

Read about the key features of the new revenue revenue standard, ASC 606, including practical insights into its application and impact.

Comparison

GAAP versus IFRS

Check out the similarities and differences between U.S. GAAP and IFRS standards.