May 2010

Financial System Considerations in IFRS Conversion Projects

From AICPA's Information Technology Section

The purpose of this paper is to provide some brief background about International Financial Reporting Standards (IFRS) and provide awareness to the potential impact to an organization’s financial systems when completing an IFRS conversion project. The information provided assumes the reader has some general background information about IFRS. The following information will be discussed throughout this paper:

  • Background of IFRS and Information Technology (IT) impact when converting to IFRS
  • Key differences between IFRS and U.S. GAAP and the impact to financial/business reporting
  • Implementation considerations
  • Learning from the European experience
  • IFRS transition in Canada

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.