Is Adopting IFRS Accounting Standards Right for Your Company?
Global accounting standards help lessen the complexity and risk when preparing financial statements dealing with cross-border activities. International Financial Reporting Standards (IFRS) bring transparency by allowing international comparability and quality of financial information, enabling investors and other participants to make informed business decisions and identify opportunities and risks. Given any of the following scenarios, you might consider reporting under IFRS:
- Are you a U.S.-based company considering increasing your global customer base or production capacities?
- Are you looking to attract international investments such as international Private Equity Funds or Non-U.S. Based Institutional Investors?
- Are you currently contemplating an acquisition and need to understand how IFRS financial statements compare to U.S. Generally Accepted Accounting Principles (GAAP) statements?
- Are you looking to access capital markets outside the U.S.?
If you answered “yes” to any of these questions, you may find it beneficial or necessary to report under IFRS or at least understand the differences between IFRS and U.S. GAAP. Whether your company or one or more of its subsidiaries is already using IFRS as a local GAAP requirement or contemplating the adoption of IFRS for other reasons, Cherry Bekaert is uniquely qualified to be your trusted advisor. Our team of seasoned technical professionals offers decades of experience serving clients with IFRS related needs and requirements or being CFOs or Controllers before.