What is IFRS, and Why Should I Care?

Association of Corporate Counsel - Colorado Chapter

Why should you care about IFRS? IFRS, the International Financial Reporting Standards, is a set of accounting standards that will replace the familiar US GAAP. It will start with public companies, and eventually find its way to private companies. IFRS is already used in 117 nations and the EU, and Canada and India are now preparing for the transition. The changeover in the USA will impact not only the content and format of financial statements, but also disclosure and regulatory matters, contractual obligations, and internal operating procedures. What happens to those “GAAP” financial statement requirements, and debt to equity ratios and values calculated in accordance with “GAAP”, when your company, or the party you are negotiating with, is switching to IFRS?

Most in-house counsel will need to be able to advise management about dealing with the changeover and minimizing the risks inherent in undertaking this huge step. Jim Serven, a Moye White transactional and tax attorney and teacher/lecturer on IFRS, will give you a practical framework for understanding the required planning and potential impacts on your company. You will learn what all the “hubbub


February 17, 2010