United States publication focuses on global benefits from IFRS implementation

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27 Oct 2010

Deloitte (United States) has published The IFRS Center of Excellence.

The United States Securities and Exchange Commission (SEC) is expected to decide on the adoption of IFRS in the United States in 2011, meaning U.S. companies could be required to report under IFRS in approximately 2015 or 2016. The publication discusses how a shared environment for IFRS reporting can help drive financial reporting standardisation and cost savings.

An extract:

Like any significant business change, the shift from local GAAP to IFRS reporting will involve an implementation cost. But unlike most other regulatory mandates, the move to IFRS also offers companies the chance to realize ongoing savings. Why? Because the adoption of IFRS across countries with formerly different local Generally Accepted Accounting Principles (GAAP) can ultimately eliminate the need for global companies to maintain local-country GAAP reporting capabilities in those countries — and, over time, allow them to consolidate IFRS reporting processes into a "Center of Excellence."

Click for The IFRS Center of Excellence - A shared environment for IFRS reporting can help drive financial reporting standardization and savings, too (PDF 1,486k).

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