The movement toward IFRSs offers US companies, particularly those that operate globally, several potential opportunities, including the following:

• Standardisation of Accounting and Financial Reporting Policies – A consistent set of accounting policies and financial statements in each country where local reporting is required improves the comparability of financial information and tax planning.
• Centralisation of Processes – By moving toward company-wide IFRS use, a company could reduce reliance on local accounting resources for statutory reporting purposes, develop standardised training programs, and eliminate divergent accounting systems.
• Improved Controls – Standardisation of the reporting would allow companies to assign one worldwide owner for statutory reporting, giving them better control over the quality and issuance of financial statements in other locations.
• Better Cash Management – Dividends that can be paid from subsidiaries may be based on local financial statements. Allowing use of a consistent standard across countries can help improve cash flow planning.