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In an era of globalization, the adoption of a single accounting language, such as International Financial Reporting Standards (IFRS), is increasingly desirable as it can provide greater comparability of financial information across countries and offer other benefits for investors, companies and capital markets. But are U.S. companies ready for this change? For companies and financial professionals that have grown used to detailed rules associated with U.S. Generally Accepted Accounting Principles (GAAP), the prospect of IFRS presents both opportunities and challenges. Now, more companies may find that what works well for companies in over 100 countries — including the European Union — may work for them, too.

Highlights:

• Important changes have taken place recently in financial reporting. What is driving the global trend toward IFRS? And what is the context around IFRS? (2:39)
• How does IFRS differ from GAAP? (4:28)
• What are the ramifications of adopting IFRS for U.S. companies? (19:04)
• If adoption of IFRS in the U.S. is inevitable, what can U.S. companies do to prepare themselves for the transition? (29:40)

Guests:
D.J. Gannon, partner and leader of the IFRS Center of Excellence, Deloitte & Touche LLP  
Joel Osnoss, partner and the leader of the Global IFRS service line, Deloitte & Touche LLP

Related Content:
Transcript: Gearing Up for Change: Why U.S. Companies Could Benefit from IFRS
Article: IFRS for U.S. Companies: Implications of an Accelerating Global Trend
Overview: International Financial Reporting Standards 

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