« Servidyne Outlines Rationale for Increasing Authorized Shares
Forest City Enterprises Notice of Second-Quarter 2008 Earnings Conference Call »

Deloitte Launches Series of IFRS Industry-Specific Whitepapers

NEW YORK, Aug. 28 /PRNewswire/ — With the Securities and Exchange
Commission’s recently approved proposed IFRS Roadmap and rule that would
permit certain U.S. companies to prepare and issue financial statements
using International Financial Reporting Standards (IFRS), Deloitte has
launched a series of whitepapers that offer considerations and guidance on
IFRS conversion for specific industry sectors.

The first three papers in the series address IFRS considerations in the
insurance, oil and gas, and real estate industries, and are available
immediately on Deloitte’s IFRS web site via the following urls:

http://www.deloitte.com/us/ifrs/insurance

http://www.deloitte.com/us/ifrs/oilandgas

http://www.deloitte.com/us/ifrs/realestate

The movement toward IFRS, which is more reliant on general principles
than detailed rules has been building for years and will impact every
industry sector. Today, more than 100 countries have adopted IFRS as a
basis of public reporting - now the SEC is poised to bring the U.S. on
board.

D.J. Gannon, partner and leader of Deloitte’s IFRS Solutions Center,
said, “IFRS represents a new chapter in U.S. public reporting requirements,
and with that a fundamental shift in how we view accounting and financial
reporting. Financial executives of companies across all industry sectors
will need to fully understand the impact IFRS will have on their
organization, including the potential costs and benefits.”

Gannon added, “The impact IFRS will have on companies in each industry
sector will vary depending on the issues unique to the sector. Some
companies have significant regulatory and capital market considerations,
while others may have complex organizational structures that include
multiple subsidiaries and joint venture relationships. This series is
intended to help financial executives understand the key issues affecting
their industry so they can make informed decisions on when and how to
embark on conversion to IFRS in a more measured way.”

Each Deloitte IFRS industry sector paper provides an overview of the
key impacts of IFRS implementation: technical accounting, process and
statutory reporting, technology infrastructure, and organizational issues.
Each paper examines specific potential differences in technical accounting
and the broader implications of such differences when converting to IFRS
from U.S. GAAP. Key to a successful transition to IFRS, across all industry
sectors, may be in how well companies handle and address the broader,
nonfinancial aspects related to IFRS adoption.

“No question about it. A successful IFRS conversion project will
involve not only understanding the technical accounting and financial
reporting issues, but also issues around internal processes and controls,
regulatory, statutory, and management reporting, technology infrastructure,
and organizational issues such as tax, treasury and cash management, legal
and human resources,” said Gannon.

And, with IFRS transition timelines estimated at three to five years,
if companies take only one action right away, we suggest that it be to
develop an IFRS implementation roadmap,” adds Gannon.

In September, Deloitte will issue several new IFRS whitepapers, each
focusing on a specific industry sector.

About Deloitte

As used in this document, “Deloitte” means Deloitte & Touche LLP, a
subsidiary of Deloitte LLP. Please see http://www.deloitte.com/about for a
detailed description of the legal structure of Deloitte LLP and its
subsidiaries.



See Also:

[Via Real Estate Newswire]

This entry was posted on Thursday, August 28th, 2008 at 4:16 pm and is filed under Other. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

Comments are closed.