More than 160 countries now apply International Financial Reporting Standards (IFRS), and this number is set to grow over the coming years. Most importantly, the US Securities and Exchange Commission proposed a roadmap that could allow US-listed companies to use IFRS in future too. At present, such companies must use US Generally Accepted Accounting Principles (US GAAP).
RSM USA has produced an at-a-glance series that provides an overview of the major differences between US GAAP and IFRS – covering areas that range from cash flow statements to inventory and income taxes. If the United States does start to apply IFRS, however, it would be poised to become the common accounting language of financial reporting worldwide.
What IFRS services do RSM Puerto Rico provide?
RSM Puerto Rico delivers a wide range of IFRS services that are all informed by the practical and substantial experience of working with clients on IFRS issues over a number of years – as well as the knowledge of the wider RSM global network.
In addition to accounting experts, the IFRS professionals from our member firms also comprise business valuers, corporate financiers and those with industry-specific knowledge. It means our teams can deliver proactive, practical and timely responses to your IFRS queries. RSM’s experts are capable of making impartial judgment with integrity – and balance rigor and flexibility, with the backing of exemplary technical knowledge.
Our IFRS services include:
- IFRS conversion projects (using the four-stage RSM IFRS Conversion Methodology)
- Due diligence in an IFRS environment
- Valuations relating to the purchase price allocation process under IFRS 3
- Advice on structuring share-based payments (IFRS 2)
- Audit of IFRS financial statements
- Reconciliations between IFRS and local GAAP
- IFRS training
- IFRS technical assistance
- Assistance in the preparation of IFRS accounting manuals and implementation
How do we provide IFRS support to our clients?
To help meet your IFRS needs, RSM International established the RSM IFRS Champions Group that comprises IFRS professionals from member firms around the world. This group meets to discuss leading-edge developments and share experiences that emerge from their delivery of IFRS solutions to clients in different countries and regions.
This close working relationship has several benefits in the IFRS support we can provide to our clients. It allows us to communicate quickly on cross-border IFRS assignments, create service lines that cater to our clients’ needs, and monitor the quality of the IFRS solutions we offer.
Through the network, RSM International can deliver consistent implementation of IFRS for all clients and their subsidiaries. If you need an adviser you can trust and IFRS solutions that will work for your business, contact us today. You can phone 787.751.6164.