IFRS Adoption for US Companies: A Primer

  • by Anurag Barua, Independent SAP Advisor
  • April 17, 2009
Worried about the impending US conversion to International Financial Reporting Standards (IFRS)? See some quick hints about things you should know and places you can look for information as the landscape changes.
Key Concept

International Financial Reporting Standards (IFRS) is a reporting standard that is being adopted worldwide, and likely impending for the United States in coming years. It is a conglomeration of many widely used standards, including International Accounting Standards (IAS) and US Generally Accepted Accounting Principles (US GAAP).

Have you recently noticed extra worry lines on the foreheads of CFOs or chief accounting officers (CAOs) of US companies? If you thought that the only contributor was the current economic recession, you were wrong. While the current global economic recession is uppermost in the minds of CFOs and CAOs worldwide, those in charge of US-based companies have another cause for their worries: the impending enactment of International Financial Reporting Standards (IFRS).

I’ll get you up to speed on the basics of IFRS, including an overview, pros and cons, a discussion of the timeline, and the effect the global economic crisis has had on its progression.

Anurag Barua

Anurag Barua is an independent SAP advisor. He has 23 years of experience in conceiving, designing, managing, and implementing complex software solutions, including more than 17 years of experience with SAP applications. He has been associated with several SAP implementations in various capacities. His core SAP competencies include FI and Controlling FI/CO, logistics, SAP BW, SAP BusinessObjects, Enterprise Performance Management, SAP Solution Manager, Governance, Risk, and Compliance (GRC), and project management. He is a frequent speaker at SAPinsider conferences and contributes to several publications. He holds a BS in computer science and an MBA in finance. He is a PMI-certified PMP, a Certified Scrum Master (CSM), and is ITIL V3F certified.

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