When it comes to International Financial Reporting Standards (IFRS), prepare now or pay later. Despite debate surrounding the SEC’s proposed Roadmap, which would require U.S. registrants to use IFRS for financial reporting as early as 2014, companies should not wait to familiarize themselves with the standards. The general consensus among interested parties is that U.S. registrants need to shift to a single set of high-quality, globally accepted accounting standards. As the movement toward IFRS gains momentum, companies should:
- understand the scope of IFRS;
- weigh the pros and cons of outsourcing the conversion process;
- keep investors and board members in the loop; and
- build a project plan.
At the same time, companies should not make the mistake of doing too much too early. Download this article to learn more about a balanced approach to IFRS.
