GT - Now what? Considering IFRS for U.S. issuers
Will — and if so, when will — the United States adopt International Financial Reporting Standards (IFRS), the accounting standards used in approximately 125 countries worldwide? Fortunately or unfortunately, the answer is still not definitive, even after the release of the Office of the Chief Accountant of the Securities and Exchange Commission’s Final Staff Report, Work Plan for the Consideration of Incorporating International Financial Reporting Standards Into the Financial Reporting System for U.S. Issuers. The lingering question is: Where does this final report leave U.S. public and private companies? In Grant Thornton’s latest white paper, Now what? Considering IFRS for U.S. Issuers, the IFRS Consulting Group outlines why the SEC’s lack of a decision does not mean that companies, either public or nonpublic, should simply ignore IFRS. Delve deeper into the current state of IFRS in the U.S. and how to prepare your organization: •IFRS in the United States — Why or why not? •Reactions to the SEC final report •A closer look at endorsement •What are U.S. companies doing to prepare? •Action steps for a logical, cost-efficient readiness plan
