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Can companies actually move forward with any GAAP/IFRS convergence issues at this time or is it just too early? (Webinar Attendee Question)

Asked on May 9, 2013

This question was asked during the Proformative webinar "Convergence of Financial Instruments, Leasing, and Rev Rec Standards." A video of the webinar can be viewed here: https://www.proformative.com/resources/webinar-video-convergence-financial-instruments-leasing-rev-rec-standards

Answers

Sunil Thukral Controller/Technical Accounting Advisory/ SEC Reporting • July 30, 2012

There is no stopping you to go ahead with full blown IFRS assessment, but it will be waste of your useful resources.

I will say wait till the time SEC provides you more clarity on what they plan to do with IFRS. In addition, I strongly suggest you to focus on IFRS/ GAAP convergence projects that will impact the future U.S. GAAP anyway (i.e. Leasing, Revenue Recognition, etc.) and the operations of your company.

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