Over the next several years, the convergence of U.S. Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) will be an evolving process. PKF Texas has established an IFRS implementation team to monitor the latest trade articles and news releases by the SEC and other regulatory agencies. We are committed to providing our clients and friends with the most up-to-date information available and will communicate that information as we receive it.
The SEC recently announced its proposed roadmap for the eventual conversion of U.S. publicly traded companies from GAAP to IFRS. Given the changes that will take place, the switch will entail much more than changes to the respective company's financial statements. It will change the level and detail of the information which will need to flow between subsidiaries, departments, divisions, etc. and information systems will need to be modified accordingly.