IFRS vs GAAP
Asked by Jeanette Eberhardt
Amazon.com Widgets
If you want to ask if there is an opportunity, the answer is a definite yes. From what I know of others’ experience from this forum itself, IFRS updates entail 3-4 months of the corporate finance teams effort and thus a lot of consultants will be spending client resources to keep things chugging along. If the concern is the implementation timelines, then again the obvious is correct as IFRS implies getting the entire compliance into a compact window and thus the sooner it is implemented the better it is for everyone. The initiative however, is not so fine with International co-operation still in process to actually achieve a standard way of looking at this “consistent” standard and that means there will be rework as we go along especially probably in the sectors where it was need the most – retail sales, higher education and probably travel and automotive. Banking sector would probably take a lead again in the implementation as there the MTM clauses are simpler and already denote a higher correlation between european and american standards. We have most Top 100 companies already taking steps in this direction because they have significant operations on both continents so let me know what kind of ‘ideas’ you are looking for in this forum. best regards amit”
UPDATE 2009: IF you have warranties, returns, leases, banking investments, subsidiary operations, minority interest, mark to market portfolios, mark to market inventoriees, you are headed for IFRS, Contact the Corp Executive Board today! (Anand below, has been very diligent in explaining the details)
Also for Financial Securities and for Leases and your product and Raw material inventories which are not frequently traded, Mark to Market may not be the dread and the fear for your profits
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The Banking and Strategy Initiative 
As we exchange information on IFRS and work together toward the compliance deadline, I’d like to invite you to be a guest user on the Corporate Executive Board’s IFRS Transition Portal – http://www.ifrsportal.in. We, at the Corporate Executive Board, leveraged our global network of over 2200+ CFOs, Controllers and Heads of Audit to build out a one-stop resource to assist Indian companies in their IFRS transition through practical guidance, best practices research, execution tools and benchmarks – so that you learn directly from your peers that have made the transition.
You’ll find a Discussion Board on the portal, where you will have direct access to 1500+ IFRS practitioners to whom you can pose implementation-related questions, get practical answers and solutions, and learn about the tools and tactics that worked for them. Apart from the discussion board, you’ll also be able to plug into peer-led webinars, IFRS disclosure writers, accounting policy generators, e-learning modules, best practices research and implementation tools.
Apart from registering as a guest for free access to browse the portal, you can also register through the portal for a complementary webinar on Successfully Planning the IFRS Transition, on 7th August, 2009.
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Thanks Anand, this will be a big plus for the readers
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