INTERNATIONAL ACCOUNTING STANDARDS (IAS/IFRS) AMERICAN ACCOUNTING STANDARDS (US GAAP): WHAT ARE THEY?
International Accounting Standards IAS IFRS are standards that the International Accounting Standard Boards (IASB) issues to standardize accounting regulations.
The acronym IAS stands for International Accounting Standards, the acronym IFRS stands for International Financial Reporting Standards.
If you need assistance implementing IAS/IFRS or US GAAP in preparation for IPO contact the IPO, Capital Markets and Financial Advisory Services team.
INTERNATIONAL ACCOUNTING STANDARDS (IAS/IFRS) AMERICAN ACCOUNTING STANDARDS (US GAAP): THE DIFFERENCES
INTERNATIONAL IAS AND IFRS STANDARDS
IAS IFRS international accounting standards are, first and foremost, an obligation for stakeholders of companies engaged in international trade, but not only.
IAS and IFRS are also essential for facilitating exchange between European financial markets and bringing corporate behavior into compliance with EU regulations. Indeed, the primary purpose of IAS IFRS is to harmonize standards and facilitate dialogue between companies from different countries in the European community.
AMERICAN US GAAP PRINCIPLES
While IAS/IFRS represents a "common language" for the European community, U.S. GAAP is, on the other hand, the set of principles that listed companies in the United States must adhere to when preparing financial statements. Unlike IAS/IFRS, which provide guidelines, US GAAP sets out exactly how financial statements should be prepared.
INTERNATIONAL ACCOUNTING STANDARDS (IAS/IFRS) AMERICAN ACCOUNTING STANDARDS (US GAAP): THE RSM OFFERING
From a growth perspective, it is therefore essential for Italian companies belonging to internationally active groups to have a thorough understanding of the main IAS IFRS and US GAAP accounting standards.
The process of conversion to IAS/IFRS and U.S. GAAP does not constitute for the company or group involved a mere change in the reference accounting standards, but presents significant complexities with impacts on key business processes and systems, accounting and management control, management reporting, transactional processes and financial reporting to shareholders.
The RSM Audit team offers the professional services and solutions that enable a proper and effective conversion process to IAS IFRS and US GAAP accounting standards.
Specifically, we provide integrated support in the activities of identifying the areas of financial statements and administrative/accounting processes affected by the introduction of IAS IFRS and US GAAP and in defining a work plan outlining the actions necessary to adapt accounting standards, organizational processes, and accounting/administrative procedures to the requirements posed by the new international accounting standards. We also manage this process for multinational groups because of RSM's presence and experience around the world.