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Questions an audit committee might ask concerning IFRSs

Jan 31, 2008

The 4Q 2007 edition of Audit Committee Brief from Deloitte & Touche LLP (USA) includes Questions an audit committee might ask concerning the International Financial Reporting Standards.

In addition, the firm will conduct a Dbriefs Webcast on International Financial Reporting Standards: Strategies for Adopting a Single Set of Standards on 20 February 2008, at 2:00 pm EST. The webcast will discuss:
  • Key strategies for dealing with the movement toward IFRSs
  • Risks and opportunities of converting to IFRSs at the subsidiary-entity level
  • Efficient methods for making the transition to IFRSs
Click for More Information about the Webcast.

Questions Audit Committees Might Ask Concerning IFRSs Thousands of companies have moved to International Financial Reporting Standards (IFRSs) in the past year as a basis of financial reporting. Nearly every country has embraced IFRSs in some way.

  • Has the company inventoried its current IFRS reporting requirements, if any?
  • What is the level of IFRS knowledge within the company, both domestically and globally?
  • Are the company's competitors already reporting under IFRSs, or is there an expectation that they would switch to IFRSs, if given the choice?
  • What would be the impacts on the company of a possible IFRS requirement in the US?
  • Has the company assessed the cost and benefits of adopting IFRSs?

Click to view 4Q 2007 edition of Audit Committee Brief (PDF 292k).