Baker Tilly Virchow Krause, LLP (Baker Tilly) accounting and assurance services include a comprehensive approach to working with International Financial Reporting Standards (IFRS). We encourage U.S. companies who anticipate an impact from the transition to consider the benefits of initiating their conversion to IFRS now. The SEC mandates adoption of the new standards by 2014—a short timeframe to implement a major change from U.S. GAAP to IFRS.

Our skilled, knowledgeable professionals offer strategies for reaping the benefits of beginning the transition to IFRS soon. This is a significant project that requires time and careful planning to proceed smoothly.

Consider the benefits of starting now:

• Control the timing and cost of the transition. By assessing the IFRS impact now, you prepare for and manage resource commitments and cost
• Evaluate the full impact of this major transition. It affects technical accounting standards, but also areas like change management and people readiness, information technology, tax planning and compliance, project management, and alignment with external auditors’ expectations
• Use transition as an opportunity to revisit key processes. Early transition to IFRS gives your organization the chance to evaluate and update critical accounting structure, policies, and financial reporting decisions

Changing your basis of accounting involves more than simply applying new technical accounting rules to your financial statements. The transition to IFRS requires more discipline than the typical rule change. When Baker Tilly professionals well versed in the rules and the transition process work with your leadership and finance teams to develop and implement a plan, you ensure a measured, controlled transition to IFRS. It prepares you to modify the design of your internal systems, and communicate effectively with external stakeholders and customers.