Many of the accounting rules, as we currently know them, are changing as a result of ongoing accounting convergence efforts between the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Several convergence projects are expected to have a significant impact on companies, in particular Leases, Revenue Recognition, and Financial Instruments. We help organizations with their conversions to and from U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) and are actively responding to client’s technical accounting and operational challenges associated with converging accounting standards, which often requires cross-functional teaming of Deloitte professionals.
Our experienced teams work with organizations to help them address Convergence in a comprehensive way — from information technology (IT) systems to taxes to valuation — the entire spectrum. Using this multi-functional approach, we help businesses prepare for and carry out change by providing support with technical accounting research, training and communication, project management, systems migration and more.
Additionally, most global organizations are already dealing with IFRS filing requirements related to international operations and subsidiaries. As those requirements expand to include U.S. operations, early choices will have a big impact on the speed and quality of transitions. It helps to work with a team that’s been there before. We understand the practical issues around IFRS from both a U.S. and global perspective.
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