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IFRS for Mid Market Companies: Tips for Transition


On November 14, 2008, the U.S. Securities and Exchange Commission (SEC) released for public comment its Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers. This document offers a staged transition from Generally Accepted Accounting Principles in the United States (U.S. GAAP), to International Financial Reporting Standards (IFRS), beginning in 2014 for large accelerated filers. What should mid market companies do now? FERF staff interviewed members of FEI Canada’s Committee on Corporate Reporting, who are preparing for implementation of IFRS in 2011. So that the right questions would be addressed in these interviews, FERF staff worked with representatives of Ajilon, a global professional staffing firm, to develop the interview questions. Some IFRS standards offer choices of accounting treatments, rather than prescribing just one treatment, to which U.S. financial executives have become accustomed. This report summarizes the results of a survey of IFRS 1 Optional Exemptions made by European firms that had used U.S. GAAP prior to their transition to IFRS in 2007.

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