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Companies in the United States and around the world face the challenge of complying with IFRS standards.
Accenture commissioned a survey to gain an understanding of how major US companies across all industries are coping with the new requirements. Conducted in December 2008, the survey collected data on how US companies view IFRS adoption, as well as how they are preparing for it.
At a high level, our research uncovered four main findings:
In Accenture’s view, IFRS should be about more than just accounting standard compliance. Instead, companies should approach IFRS conversion as an opportunity to strengthen their distinctive capabilities, which Accenture’s High Performance Business research reveals is a building block of high performance. Indeed, companies that adopt IFRS to make improvements in key areas such as finance and supporting IT applications—in essence, investing in vital areas of the business during the current economic downturn—will be better positioned for competitive advantage and high performance than those that approach IFRS conversion simply as a compliance initiative.
Press Release: U.S. companies preparing to adopt International Financial Reporting Standards (IFRS) see opportunity to transform their finance functions, Accenture study finds.
The G-20 Summit and Beyond: How to Address the Emerging Regulatory ClimateAccenture’s thinking on how the financial services industry must anticipate potential regulatory reforms from the April 2009 G-20 Summit.
International Financial Reporting Standards, a Canadian Perspective: More than Accounting PoliciesFinance and performance management professionals within Accenture draw on the company's extensive experience to help current clients become IFRS-compliant as part of a broader strategy to achieve high performance.
March 27, 2009
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