There are many practical issues surrounding the possible future use of International Financial Reporting Standards (IFRS) by U.S. public companies or by entities in other countries using a different version of Generally Accepted Accounting Principles (GAAP) not conformed to IFRS. This questionnaire considers these issues and the ramifications of transitioning from country-specific GAAP to IFRS. Under current rules in the U.S., public companies with U.S. listings domiciled in other countries often use IFRS.
The cost, effort and length of time required to convert to IFRS depend on several important factors and will vary for each organization. When evaluating these variables, consider the questions included in this document.