Deloitte: Boards and Audit Committees Should Begin Planning for International Financial Reporting Standards (IFRS)

Feb 18, 2010, 11:37 ET from Deloitte & Touche LLP

NEW YORK, Feb. 18 /PRNewswire/ --

    What:      "IFRS: What should boards and audit committees be
               considering now?"
    Who:       D.J. Gannon, partner, Deloitte & Touche LLP, national
               leader, Deloitte IFRS Center of Excellence
    When:      Available immediately

Details: As the Securities and Exchange Commission (SEC) prepares to act on the proposed International Financial Reporting Standards (IFRS) Roadmap, boards and audit committees would be wise to consider the development of a comprehensive and sustainable IFRS transition plan now.

Deloitte's new point of view, "IFRS: What should boards and audit committees be considering now?" provides boards and audit committees with a broad overview of IFRS.

The paper outlines the technical accounting differences between U.S. Generally Accepted Accounting Principles (GAAP) and IFRS, and presents considerations regarding broader impacts of those differences to equip the board and audit committee members with key questions to discuss with management.

"The board and audit committee can help companies achieve strategic, operational and economic benefits from a transition to IFRS," said D.J. Gannon, partner and national leader of Deloitte's IFRS Center of Excellence. "They are tasked with helping set the tone for an effective IFRS conversion; focusing on overseeing the company's approach, timeline and budget for transition; and understanding the potential risks and professional judgement surrounding conversion. Underestimating the planning involved — and the time required — for a change from U.S. GAAP to IFRS could prove risky and impede a company in the long-run."

Please contact Daniel Mucisko if you would like speak further with D.J. Gannon about the movement toward global standards and the related responsibilities of the board and audit committee related to an IFRS conversion.

About Deloitte

As used in this document, "Deloitte" means Deloitte & Touche LLP and Deloitte Service LP, which are separate subsidiaries of Deloitte LLP. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

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SOURCE Deloitte & Touche LLP