Padgett Stratemann & Co.

The SEC has set forth a new roadmap for the use of international financial reporting standards (IFRS) in financial statements for U.S. companies based on the size of the organization. In 2011, the SEC is slated to decide on whether to proceed with its plan of reporting statements under IFRS.

Whether a company is publicly traded, conducts business in the global marketplace, has plans to expand internationally or is a subsidiary of a foreign-owned parent company, the impact of reporting under IFRS requires significant planning.

Key questions for IFRS and its impact on your business:

• Differences between US GAAP and IFRS in financial reporting and tax positions?
• Impact on current financial systems?
• How will the expertise within a company need to adapt to IFRS?
• Business ramifications of converting to IFRS?

We can help you navigate through these international financial reporting standards-related questions and more that may come up if the SEC decides to proceed with a plan to IFRS reporting in the US in 2011 - the time to plan is now.