Helping You Achieve Your Highest Standards
As markets become more and more global, strict adherence to International Financial Reporting Standards (IFRS) becomes an increasingly larger reality and responsibility. Whether your company is already using IFRS accounting standards, or is considering IFRS accounting and/or IFRS balance sheet adoption, Cherry Bekaert provides proven guidance.
We serve many clients already using the IFRS accounting method and have guided them in a smooth and successful adoption of those standards, including IFRS adoption. Through our affiliation with Baker Tilly International, Cherry Bekaert truly offers a global support network.
Is adopting IFRS accounting standards right for your company?
The potential change from U.S. Generally Accepted Accounting Principles (GAAP) to IFRS accounting methods has many public companies and private organizations at a crossroads. While IFRS adoption within an existing accounting system is daunting, it can also create opportunities to streamline major business functions. You may benefit from:
- Simplified standards vs. those prescribed by GAAP
- Consistent reporting with a foreign parent, major customer or supplier and/or
- Greater access to global markets
Before making any change in accounting standards, you must also consider:
- Costs to be incurred through legal, software and transition fees
- Training and hiring internal talent
- Tax implications such as changing inventory valuations
Cherry Bekaert can assist you in analyzing the costs and benefits of a conversion to IFRS accounting, including IFRS adoption.