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What does Sunil Thukral think?

I look forward to helping on any short-term/ long-term projects in any of the following areas: • External/Internal financial reporting (10K/10Q/Other SEC Reporting) • Special projects (Restatements/ S-1) • Audit readiness (Big 4 / GAAP conversions) • Financial controls testing • Mergers ... See full profile

Hi Jim - from the customer perspective, there is no specific guidance, so there is a diversity in practice on this issue. Some of the options are: a...
Hi Eve, At a high level, you can need to follow the guidance contained in ASC 830, Foreign Currency Matters (formerly FAS 52). You need to first...
If you need to list in the U.S., you do not need to convert to U.S. GAAP. You can file with the U.S. SEC using IFRS financial statements. Hence,...
Hi Maggie, I had implemented SaaS based expense reimbursement system and they were very happy with the ease of reporting with the mileage expenses...
There are two benefits to this approach: a) It is easier to audit - you can quickly determine if there has been an increase during the period or not...
Mark, The best way to explain is by asking the question - Do you want the financial statements under U.S. GAAP basis or on cash basis? Also by not...
Hi Kyle, There are quite a few resources there. You can review the following link as it provides a lot of e-learning modules relating to IFRS: http...
Thanks Val for the comments. At a high level, the following model is currently being proposed, however, you will have to wait and see for the final...
John, You need to check is there is a hedge documentation and does this transaction qualify as a hedge for "accounting purposes". If this...
You will also need to identify the "TERM" over which the amount will be amortized. For example, assume it is a 6 year contract and the amount is...
The Financial Instruments accounting standard is another important accounting standard that is in the process of being converged. However, it might...
Hi Grace, I agree with Keith on this. I guess that both you and customer will agree that there is some value to the equipment. If there was no...
All Big 4 have their own set of publications. However, you can start with the PWC guide "IFRS and US GAAP: similarities and differences" that you...
There are a lot of "strategic choices" that companies can make when transitioning to IFRS to make their balance sheets look stronger. Most of these...
There is no stopping you to go ahead with full blown IFRS assessment, but it will be waste of your useful resources. I will say wait till the time...
First things first, you need to worry about the following key issues first: 1. Will IFRS be ever be adopted in U.S.? If answered "NO", you do not...
Currently there is a U.S. GAAP/ IFRS convergence accounting standard that is being worked on. The Revenue Recognition accounting standard exposure...
Currently there is a U.S. GAAP/ IFRS convergence accounting standard that is being worked on. If all goes well, i.e. that a converged standard is...
No firm decision on this as of yet, as we do not even know if IFRS will ever be adopted in the U.S. However, I have seen other countries allowing...
In my opinion, technology always helps! However, before you leverage any technology, it is best to first understand the key IFRS/U.S. GAAP...
I will say "wait and see" approach works best for now, if you talk about financial reporting perspective. As I have written in some other posts...
In my opinion, if U.S. were ever to adopt IFRS, it will be beneficial for major economies around the world (such as Japan, China) to also adopt IFRS...
Hi Lauro, You can create your own template, for which you can follow the following process: 1) Review the U.S. GAAP/ IFRS differences: The following...
Hi Scout...unfortunately not a simple answer. You first need to answer the question --- "What was the purpose of making the acquisition?" Once...
Please also see the following link - Free Benchmarks for financial close and disclosure by Company Size, Public vs. Private Company, and Industry....