As global financial markets become more integrated and investors look for more consistency in the financial reporting of multinational corporations, the International Financial Reporting Standards (IFRS) will play an increasing important role in doing business globally.

Since January 1, 2006, all companies domiciled in the European Union with publicly traded shares on a European exchange must use IFRS for their financial reporting. This ruling has affected some 7,000 European companies, including non-European multinationals with reporting requirements overseas.

This trend has not limited to Europe. An increasing number of South American countries are requiring the use of IFRS and, as a result of required use in many countries, companies in some countries, notably Japan, have voluntarily moved to IFRS. In addition the SEC is currently considering eliminating the requirement of reconciling to U.S. GAAP for companies following IFRS.

The International Financial Reporting Conversion Services group of Deloitte is available to assist you in all aspects of your company's conversion to IFRS. Our professionals consist of dedicated experts located throughout the world who work closely with the new International Accounting Standards Board, the International Financial Reporting Interpretations Committee and the world's regulators.