IFRS Consultation & Conversion
Going Global? Make Us Your First Stop
In today’s global marketplace, the push for International Financial Reporting Standards (IFRS) compliance is increasing. Mowery & Schoenfeld is here to help your company navigate the complexities that accompany international expansion and expanded financial reporting requirements.
Helping You Expand Your Business and Your Financial Reporting
As IFRS becomes the recognized standard throughout the world, the need to convert to and from U.S. GAAP to expand internationally is becoming more visible. Whether you’re expanding out of the U.S. or establishing a presence here, Mowery & Schoenfeld will help you convert your financial reporting and accounting procedures to or from IFRS.
Our accounting specialists have the experience to assist you through each step of the IFRS conversion process, which can affect all aspects of your company — from accounting and IT to tax, compensation and more, making your transitional to global company a smooth one.
Our Conversion Process
When you work with Mowery & Schoenfeld, you have a knowledgeable partner who understands the process of converting and is experienced in helping companies like yours through it. Our team helps you convert to IFRS from GAAP or GAAP to IFRS, provides IFRS implementation guidance and technical support, and trains your staff on procedures.
We complete the conversion in four phases:
- Preliminary Impact Assessment
In the first stage, we identify the differences between GAAP and IFRS, determine any additional financial reporting requirements, develop a timeline for conversion, recommend a conversion strategy, and establish training needs.
- Detailed Planning
At this point, we review detailed financial data, determine needed policy changes, examine tax and valuation requirements, analyze the impact on the financial reporting system, and develop the detailed conversion plan.
In the third phase, we train all relevant staff, finalize updated converted accounting policies, determine changes to internal control processes to expedite future reporting, prepare full financial statements and create a plan for internal and external communication.
- Post-Implementation Review
Final converted financial statements are reviewed to determine if changes are required in the statement reporting and close processes, and plans are made to automate the new process.
Mowery & Schoenfeld is an independent member of Geneva Group International (GGI), a leading international association of professional service firms that includes accounting, law and consulting firms. GGI consists of more than 330 member firms with over 550 offices in 90 countries. Accountancy Magazine ranks the association as the sixth largest international professional association.
Through our membership, Mowery & Schoenfeld is able to offer our clients a combination of global resources, business expertise and local market knowledge. We offer:
- HR functionality for overseas companies with U.S. locations
- Management advisory for U.S. subsidiaries
- Inbound and outbound transaction structuring
- U.S. tax planning for foreign entities doing business in the U.S.
- U.S. tax planning for U.S. entities doing business overseas
- Foreign tax planning for U.S. entities doing business in the U.S.
- Individual tax planning for stakeholders in foreign subs or foreign stakeholders in U.S. subsidiaries
- Audits of U.S. subsidiaries
- IFRS consulting
- IFRS implementation and ongoing reporting