IFRS Considerations for Audit Committees
Publish Date: February 2009
Deloitte LLP (United States) has published IFRS Considerations for Audit Committees. The strong global movement toward IFRSs and recent US SEC activity have created a need for audit committees and company management to discuss the potential costs, benefits, and other effects of a transition to IFRSs. Because audit committees have a fiduciary responsibility to protect the interest of shareholders and oversee the integrity of the company's financial reporting process, their involvement in the transition to IFRS is essential. This 21-page publication is designed to assist audit committee members in preparing for meaningful and effective conversations about IFRSs, and includes:
- a high-level overview of IFRS accounting requirements and potential IFRS-U.S. Generally Accepted Accounting Principles differences
- implementation considerations
- key questions audit committees should ask.