Protiviti’s IFRS consultants help organizations understand the impact of a potential transition to International Financial Reporting Standards (IFRS) and maximize the effectiveness of the resulting financial processes while minimizing business disruption.
To date, more than 12,000 companies in nearly 100 countries have adopted the use of IFRS, including over 40 percent of the Fortune Global 500. While the standard is being adopted globally, the Securities and Exchange Commission (SEC) estimates that U.S. companies will spend approximately 0.13 percent of their revenue on the transition to IFRS from U.S. GAAP in the first year of filing. The SEC predicts companies that qualify for making an early transition to the standard could each incur about $32 million in additional costs in the 10-Ks they file in 2010.
Our IFRS professionals assist companies with the modification of processes and systems that support the new accounting and reporting requirements. We help organizations with all aspects of the conversion to IFRS, from the initial diagnostic analysis and training, to addressing the subsequent infrastructure implementation and project management requirements, including development of a detailed project plan. Our approach to IFRS is based on the early establishment of a sound foundation and rigorous project management.
Our specific services include:
- IFRS Diagnostic
- IFRS Advisory
- Financial Process Alignment