Services

IFRS in the U.S.

What is IFRS?

IFRS stands for International Financial Reporting Standards. Historically, countries adopted their own set of accounting and reporting standards based upon many factors such as their legal system, political system, capital markets, etc. As one can imagine, this led to many differences in how transactions get reported from one country to the next.

As early as 1973, accountancy bodies in 10 countries joined together to form The International Accounting Standards Committee. The committee began looking at the idea of developing one set of international reporting standards. By 2000, over 100 countries were on board and 41 international accounting standards were in place. However, countries were still primarily using their own reporting standards. Since 2000, this is quickly changing. The International Accounting Standards Board replaced the IASC and continues issuing international accounting standards.

Today, over 100 countries have adopted the use of IFRS. Japan and the United States are the last two large countries to officially adopt these standards. More than likely both will adopt the use of IFRS in the next several years. The convergence to IFRS will likely have an impact beyond just the preparation of your financial statement. It can change the way you report taxes and may require new accounting software to be able to capture and report the necessary data. We are committed to helping our clients and peers get ready for this ultimate shift in financial reporting requirements, tax reporting and technology needs.

Contact us to get started or click on the links below for more specific information specific to your situation.You can always keep on top of the latest news on our "Going Global" blog or at the AICPA's www.ifrs.com.

  • IFRS for Small to Medium Sized Entities

IFRS for SMEs

  • IFRS for Banks and Financial Institutions

Banks/Financial

  • Local and Regional CPAs and Firms

CPAs/Firms


Contact Us

If you are looking for a team of professionals whose dedication and experience in IFRS adds a competitive advantage to your vision, then contact BCG&Co.’s team today.

1735 Merriman Road Akron Ohio 44313

Phone330-864-6661 (P)

Fax330-864-6918 (F)

About BCG & Company

BCG & Company is a dynamic and growth-oriented, regional certified public accounting and consulting firm, with two affiliates and operating in multiple states.

Learn More

© 1986 - 2017 BCG & Company All rights reserved. All other trademarks and copyrights are the property of their respective holders.