CONVERSION OF US GAAP FINANCIAL STATEMENTS TO IFRS
Businesses seeking to expand internationally and those seeking new foreign investors are often asked to convert their US GAAP financials to International Financial Reporting Standards (IFRS). Over 100 Countries now use IFRS. AAFCPAs’ Commercial Assurance practice has in-depth experience in IFRS and provides solutions on various aspects of the conversion process.
Converting US GAAP to IFRS is a significant transformational event for a company, and often requires the involvement of cross-functional teams to design the most efficient conversion process, including both finance executives and operational professionals. AAFCPAs designs and executes conversion projects to fit the skill level and availability of our clients’ in-house team.
AAFCPAs IFRS Conversion Solutions include:
- Identification of accounting and reporting differences
- Application of IFRS 1, first-time adoption of IFRS
- Audits of IFRS financial statements
- Assistance with writing accounting policies compliant with IFRS
- Assistance with the quantification of changes in your financial statements
- Assistance with drafting IFRS compliant footnotes
- Assistance with drafting new controls for the conversion and on-going compliance with IFRS
- Training and technical assistance to prepare and support your team in making and sustaining the organizational change
- Assessment of IT systems, process, and business impacts, and required changes
- Assistance to your team in managing the challenges of recordkeeping in more than one standard of accounting
AAFCPAs has 45+ years of proven experience serving global companies. We have earned a stellar reputation serving US companies entering global markets and making an immediate, positive impact.
National & Global Reach
We are an independent member of PrimeGlobal, Inc., the fourth largest CPA firm association in the world, which provides our clients with seamless access to the resources of 300+ member firms, in 80+ countries around the world.
AAFCPAs works with our overseas affiliates and our internationally-based clients’ local advisors to balance our clients’ U.S. tax, regulatory and operations considerations to optimize their global growth strategies.