International Financial Reporting Standards (IFRS)
PREPARE FOR A
TRULY GLOBAL FINANCIAL WORLD
This is what our IFRS Resource Group is all about.
Currently all countries in Europe and nearly 100 countries worldwide either require or permit the use of IFRS for the preparation of financial statements.
At Holtz Rubenstein Reminick, we believe the move to a single set of high quality accounting standards for global capital markets is inevitable and would strengthen the financial statement comparability across all borders. Indeed, financial reporting in the United States is being influenced by IFRS and the Securities Exchange Commission has already taken initial steps for IFRS adoption by developing a roadmap for publicly-traded companies.
In addition to publicly-traded companies, IFRS for Small and Medium Sized Entities (SMEs) allows the vast majority of privately-held companies to adopt a less complex global set of standards, which potentially could lessen the burden of financial reporting.
With this in mind, Holtz Rubenstein Reminick has formed an IFRS Resource Group. Its purpose is to prepare, advise, and educate clients, lenders and investors on what IFRS is all about and what it will mean for those individuals running companies or organizations that are publicly-traded, or privately-held.
As the path towards convergence evolves, there are many services that Holtz Rubenstein Reminick can provide to help you prepare. These include:
- Identifying client-specific differences between US GAAP and IFRS and their impact on financial reporting
- Preparing financial statements and disclosure to meet IFRS requirements
- Determining if the adoption of IFRS would be beneficial to your organization
- Assessing the readiness for IFRS conversion
- Providing global expertise through an international affiliation of firms with experience implementing IFRS across the world.
- Assessing the tax implications of the adoption of IFRS
Holtz Rubenstein Reminick applauds the move to a single set of accounting
standards for all companies, regardless of the time zones within which they do
business, and our IFRS Resource Group stands ready to help you prepare for a
truly global economy.
For more information on IFRS:
AICPA's IFRS Resources
International Accounting Standards Board
Andrew M. Schneider, CPA
Partner in Charge
IFRS Resource Group