IFRS transition and conversion guidance

More than 100 countries have adopted International Financial Reporting Standards (IFRS), either as issued by the International Accounting Standards Board (IASB) or as endorsed by a particular jurisdiction.

Grant Thornton International Ltd member firms combine broad international experience so that you benefit from our knowledge at an international scale and in a manner that is practical for your business.

We work with companies across industries on matters that range from specific issues under IFRS or other local GAAP to broad-based application of standards issued by the IASB.

As your company proceeds through the transition to IFRS or converts to or from U.S. GAAP and IFRS, we can assist in making changes as efficiently as possible.

We can provide you with U.S. GAAP and IFRS conversion services including:

• Assisting management with selecting IFRS accounting policy alternatives such as voluntary exemptions provided by IFRS 1, First-time Adoption of International Financial Reporting Standards, including implications of the alternatives
• Identifying client-specific differences between U.S. GAAP and IFRS
• Identifying information requirements for converting to or from U.S. GAAP and IFRS
• Determining adjustments necessary to align financial reporting with the appropriate basis of accounting
• Preparing financial statements and disclosures to meet requirements
• Assisting with accounting systems, and internal controls design and implementation
• Collaborating on stakeholder communications
• Providing educational training to accounting personnel