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Getting Ready for International Financial Reporting Standards (IFRS)

For some time, international agencies, governments and other world bodies have sought to develop a harmonized set of Generally Accepted Accounting Principles (GAAP) that are acceptable across multiple jurisdictions. This led to the development of the International Accounting Standards Board (IASB) that has developed and maintains a generally accepted set of accounting standards known as International Financial Reporting Standards (IFRS). Over 100 countries now either accept or mandate that companies must provide annual reports according to IFRS; this includes Europe and is soon to include the United States and Canada. This white paper outlines how to make the transition to IFRS in a timely and cost efficient manner.

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