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Just curious to know, as to what brought you here to "IFRS" group?

Just curious to know, as to what brought you here to this group?  Is it the nature of your professions / job that requires you to obtain better understanding of the new accounting standards?  Is it the fear of what will happen when U.S. GAAP is fully replaced with International Financial Reporting Standards (IFRS).

Also please feel to share as to what you would like to see here in this group?

Kind regards,

Sunil Thukral, CA, CPA, CFA
IFRS • Technical Accounting Research -IFRS/ U.S. GAAP/ Canadian GAAP • External & SEC Reporting • Financial Management.

LinkedIN: http://ca.linkedin.com/in/sunilthukral
Email:  Sunil@theIFRS.com
Web:    www.theIFRS.com - FREE resource for IFRS information
Web:    www.UGAAP.com - FREE resource for U.S. GAAP information




 

Reference URL: www.theIFRS.com

Answers

Jeff Taylor
Title: CFO
Company: Communications Co.
(CFO, Communications Co.) |

I want to know what I need to know to make the conversion and when I need to make it. I am a small company CFO w/ limited resources, so the less i need to do, and the later, the better.

Topic Expert
Sunil Thukral
Title: Controller/Technical Accounting Advisory..
Company: Consultant
(Controller/Technical Accounting Advisory/ SEC Reporting, Consultant) |

Hi Jeff,

If I was in your shoes, I will just sit back and relax in 2010. The reason being that SEC has yet to issue their final say as to if they would allow adoption of IFRS for the U.S. companies (this decision is expected in 2011). Further, there a lot of convergence projects for U.S. GAAP and IFRS, which would close many gaps between U.S. GAAP and IFRS.

However, I suggest that you can monitor the developments of the SEC for the IFRS adoption in the U.S. Also you can review the listing of the IFRS and U.S. GAAP convergence projects and monitor the developments of accounting standards that impact your business.

If you would like to do still more, you can review the IFRS and US GAAP differences as they are applicable to your business, which you can find on the link:
http://theifrs.com/blog/resources/ifrss-and-u-s-gaap-and-canadian-gaap-comparisons/

Please feel free to contact me at sunilattheIFRS [dot] com if you need to conduct any high level impact assessment of IFRS on your business. I can help you develop a project plan and the time-line to follow for your IFRS implementations.

Many thanks,
Sunil

Peter Welch
Title: Global Accounting/Finance Consultant/Tra..
Company: ContractualCFO
(Global Accounting/Finance Consultant/Trainer & Founder, ContractualCFO) |

Dear Jeff,

You may find this helpful as well as we move towards IFRS; simply to observe discussions and issues. You'll need to be a LinkedIn member though!

I have just created a new IFRS Implementation Group that will ONLY discuss accounting issues; no other discussions/topics will be allowed.
~ FASB and IFRS Accounting issues
~ IFRS Implementation Issues
~ Training
~ Sox 404 / IFRS
~ M&A and Divestiture issues
Topics will be moderated and is a restricted group. Look forward to getting your request to join. Eventually, we will consider merging/consolidating with other IFRS groups provided they hold to the same standards. Resumes may be requested as evidence of the appropriate background unless recommended by an existing member. Any members violating the accounting-only discussion model will be removed. You may contact me also at: peterwelchatcontractualcfo [dot] com / +646-546-7628. Thank you.

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