IFRS considerations for audit committees
16 Feb 2009
Deloitte LLP (United States) has published IFRS Considerations for Audit Committees.
The strong global movement toward IFRSs and recent US SEC activity have created a need for audit committees and company management to discuss the potential costs, benefits, and other effects of a transition to IFRSs. Because audit committees have a fiduciary responsibility to protect the interest of shareholders and oversee the integrity of the company's financial reporting process, their involvement in the transition to IFRS is essential. This 21-page publication is designed to assist audit committee members in preparing for meaningful and effective conversations about IFRSs, and includes:
- A high-level overview of IFRS accounting requirements and potential IFRS-U.S. Generally Accepted Accounting Principles differences.
- Implementation considerations.
- Key questions audit committees should ask.