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Converting to U.S. GAAP

Navigating the complexities and challenges of the conversion process

Converting to U.S. GAAP

U.S. GAAP (generally accepted accounting principles) offers specific advantages and opportunities, but it can’t be done in isolation. Converting to U.S. GAAP requires a big-picture strategic approach that ensures global consistency in financial reporting policies and practices.

 


Drawing on our extensive experience in helping companies execute complex and challenging U.S. GAAP conversions, Deloitte has identified the key steps for companies to follow. To plan and execute a comprehensive U.S. GAAP conversion, companies will need to:

  • Evaluate the potential impacts of U.S. GAAP
  • Assess readiness for U.S. GAAP conversion
  • Establish and follow a detailed implementation plan for conversion – including identifying support with project management, technical research and training
  • Assess, understand and comply with SEC reporting requirements
  • Develop a plan for sustainability
  • Address the implications of U.S. GAAP in such areas as treasury, tax, financial operations, technology and valuation
  • Design and implement control frameworks, efficient information technology architecture and data flow, and fast-close methodologies

A start-to-finish approach
From Deloitte’s perspective, there are three distinct stages to U.S. GAAP implementation: assess your individual situation and requirements, complete the conversion activities, and sustain ongoing U.S. GAAP reporting.

Assess
Develop roadmap for U.S. GAAP implementation

  • Analyze impact of U.S. GAAP on consolidated and statutory reporting and accounting policies
  • Determine tax implications of U.S. GAAP adoption
  • Analyze impact on functional and business processes and controls
  • Evaluate the impact on financial systems
  • Assess magnitude of change on organization

Convert
Perform comprehensive U.S. GAAP conversion

  • Convert to U.S. GAAP at the consolidated and/or statutory reporting level
  • Develop a framework for documenting and resolving issues
  • Perform tax conversion
  • Design U.S. GAAP accounting, reporting, consolidation and reconciliation processes and controls
  • Design IT systems to incorporate U.S. GAAP reporting
  • Develop process for SEC reporting requirements
  • Develop change management strategy and revised operating model
  • Develop effective project management oversight

Sustain
Enable continued U.S. GAAP reporting and perform knowledge transfer

  • Configure, test, and deliver production environment and monitor system enhancements
  • Execute change management activities and implement revised operating model
  • Deploy U.S. GAAP accounting, reporting, consolidation, and reconciliation processes and controls
  • Continue monitoring the application of the changing standards environment
  • Facilitate knowledge transfer for ongoing U.S. GAAP reporting
  • Implement training program across the organization

Implementing complex U.S. GAAP strategies and conversions
Deloitte has extensive experience helping companies plan and execute complex and challenging U.S. GAAP conversions, and provides assistance with various facets of the implementation process. The complex accounting professionals in our Global IFRS & offerings services team have a track record of delivering results, and can tap into a broad network of professionals around the globe. As part of the only global professional services organization with full-service accounting, tax and consulting capabilities, Deloitte is uniquely prepared to work with you to implement all aspects of your U.S. GAAP strategy and conversion process.

Questions? Need more information?

Relevant industries

Consumer Business
Energy & Resources
Financial Services
Manufacturing
Public Sector
Real Estate
TMT

Relevant services

Audit
Tax
Consulting