PricewaterhouseCoopers has released three new guides to help companies make the transition to International Financial Reporting Standards.
The Securities and Exchange Commission plans to replace U.S. generally accepted accounting principles with IFRS in the next few years, with the transition beginning in 2014 for many companies. Some of the largest companies will begin filing statements in accordance with IFRS in 2010.
The first guide, 10 Minutes on Transitioning to IFRS, offers a quick guide to the most important issues in IFRS transition, including how management communicates with investors post-transition, how some companies may need to change their business practices with customers and vendors, and how the transition will affect compensation.
Mapping the Change: IFRS Implementation Guide walks business leaders through the three phases of conversion to IFRS, including the preliminary assessment, the initial conversion and incorporating IFRS changes into day-to-day operations.
Preparing Your First IFRS Financial Statement: Adopting IFRS looks more closely at the first year of adoption, detailing the requirements of IFRS 1, the international standard for IFRS transition. The publication provides key considerations for U.S. companies adopting IFRS, as well as guidance and answers to some common questions.
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