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Ten lessons from European IFRS conversion in the Real Estate industry

Experiences from across the pond


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Ten lessons from European IRFS conversion in the Real Estate industry

 

Background

Since November 2008 when the Securities and Exchange Commission (SEC) issued a proposed roadmap for the mandatory adoption of International Financial Reporting Standards for public companies in the US, there has been a significant level of speculation regarding the future of the US accounting framework. Once IFRS is adopted in Japan, all major economies will be using IFRS with the exception of the US. Sir David Tweedie, Chairman of the International Accounting Standards Board, has commented that global, economic and political pressures may force the US to adopt by 2011. The comment period for the SEC roadmap has closed and the outcome of the exposure of this timetable and approach is eagerly anticipated.

IFRS conversion is a hot topic amongst public companies in the US and in other jurisdictions where the path to adoption appears to be unfolding. Following Deloitte’s recent IFRS summit in the US, we have developed a summary of ten key lessons from our European experience of IFRS conversion for Real Estate investors and developers.

Contact Claire Faulkner or Rob Hughes for more information about how we are working with overseas Deloitte Real Estate teams and Real Estate clients of the Deloitte Touche Tohmatsu network of firms to assist in the planning and delivery of IFRS conversion programmes.

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