Adopting IFRS

Guidance for U.S. Entities Under IFRS 1

As they await the SEC's decision on its road map to International Financial Reporting Standards (IFRS), U.S. companies may benefit from early assessment of the potential impact of IFRS adoption on their accounting and financial reporting systems. While conversion to IFRS has not yet been mandated, companies must realize that IFRS implementation is a complex and time-consuming process because of the retrospective nature of implementation and due to the comparative financial statements that will be required upon adoption. Companies should think about IFRS adoption strategically in order to most effectively utilize resources.

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