Case Study: US GAAP and IFRS
Business Need or Problem
Many of our clients are owned by foreign companies which may require that they report their financial results under International Financial Reporting Standards (IFRS). While the Securities and Exchange Commission’s project to converge Generally Accepted Accounting Principles (GAAP) with International Financial Reporting Standards has stalled indefinitely, many private companies in the US are already reporting in under IFRS for various reasons. One such client based in the Netherlands had to report its financial statements under Dutch GAAP for local reporting purposes, IFRS at the consolidated entity level, and the US entity had to report under US GAAP to the bank under the terms of its loan agreement.
We worked with the parent company’s big four auditors and management to identify the reporting differences and satisfy each of the requirements. We have extensive experience in assisting our clients in reporting their financial results under US GAAP and IFRS.
A team of people are dedicated to staying abreast of differences in US GAAP and IFRS and the assurance partner in charge of reviewing each of our IFRS reports has completed the AICPA’s IFRS certificate program.