How Do You Conform To International Accounting Standards?
Despite years of gradual harmonization, there are still significant differences between the International Financial Reporting Standards (IFRS), recognized by the International Accounting Standards Board (IASB), and the United States’ Generally Accepted Accounting Principles (GAAP). If your business is based in the United States and doing business with other countries, you may be expected to convert your financial statements from United States GAAP to IASB accounting standards. Although the differences between the two systems are far too numerous to cover in a short article, below are some pointers on how to proceed. Subscribe to the electronic version of the International Financial Reporting Standards (see Resources) and institute mandatory training programs for all personnel involved in any important way in the preparation of financial reports. Gather together all business data that you used to prepare GAAP-based financial statements for your company, plus all business data used to pr
