Get Ready for IFRS: The Global Accounting Standard.

Across the globe, companies adhere to two primary accounting standards for reporting financial results: GAAP and IFRS. The majority of countries have embraced International Financial Reporting Standards (IFRS), developed by the International Accounting Standards Board (IASB), establishing it as the global standard for public company financial statements.

Recognizing the global business landscape, American First emphasizes meticulous attention to detail and understands the importance of financial reporting under IFRS. Despite the Securities and Exchange Commission (SEC) not mandating IFRS adoption as the primary financial reporting regime for U.S. companies, increasing pressure hints at potential convergence. Efforts persist to align U.S. GAAP more closely with IFRS.

Our audit professionals possess extensive experience in auditing IFRS financial statements, staying abreast of IFRS changes and convergence efforts. Convergence presents various challenges for companies, impacting external financial reporting, business strategies, policies, processes, financial reporting systems, underlying data, and internal reporting. American First can guide your company to success, assessing the impact of IFRS on key reporting areas through a pre-adoption assessment, identifying and prioritizing issues requiring attention.

We offer IFRS accounting support to interpret statements and captions affected by the conversion. In assisting clients with internal controls, we aid management in navigating change, support accounting systems and internal controls design and implementation, help choose IFRS accounting policy alternatives, and assess implications. Our trained professionals also examine operational impacts on compensation plans, loan covenants, and dividend policies, handling stakeholder communication on changes and developments.