Have any major U.S. companies begun transitioning to IFRS?
Until the SEC issues a rule allowing or requiring U.S. public companies to adopt IFRS, they must continue to prepare their financial statements under GAAP. Several large multinational corporations, such as Procter & Gamble, however, have started using IFRS for their foreign subsidiaries where allowed by local law. Also, some private companies owned by foreign companies are using IFRS to obtain financing in the U.S.
Until the Securities and Exchange Commission issues a rule allowing or requiring U.S. public companies to adopt IFRS, they must continue to prepare their financial statements under U.S. GAAP. Several large multinational corporations, such as Procter & Gamble, however, have started using IFRS for their foreign subsidiaries where allowed by local law. Also, some U.S. subsidiaries of foreign-owned companies are also using IFRS.
