Baker Tilly Virchow Krause, LLP (Baker Tilly) provides strategic assistance to clients preparing to work with International Financial Reporting Standards (IFRS). As this change in financial reporting standards gains momentum, many organizations need to explore how IFRS affects their operations. Over 100 countries are adopting timetables for the switch to IFRS.

Baker Tilly understands the far-reaching impact of moving from a familiar basis of accounting to IFRS. We also recognize that, due to independence rules, your external auditor can provide only limited advice. Baker Tilly professionals are knowledgeable about the many aspects of IFRS and offer an approach that prepares your organization for a smooth transition.

Our experienced advocates guide you through the process with:

• Advice based on a thorough knowledge of the differences between IFRS and U.S. GAAP, including industry specific considerations that may shape your organization’s conversion
• Conversion planning that includes an action plan, detailed review of financial information, and identification and development of staff training
• Support for the conversion team that includes training and development updates, project and portfolio management, and help assessing overall impact on the organization
• Creation of a conversion plan based on our proven framework to help ensure success in a project of this magnitude
• Implementation of a holistic project approach incorporating basic technical accounting changes and addressing the impact on Change and Project Management, Technology, Human Capital Services, Tax, and Process Drivers
• Global expertise through an international network of firms with experience implementing IFRS standards across the world

The Baker Tilly project team has refined and enhanced an IFRS conversion methodology used extensively in Europe that originated in the United Kingdom and Canada. Multiple specialists and team leaders at Baker Tilly International member firms have significant experience in IFRS conversions gained through their work with organizations outside the U.S. transitioning to IFRS.

Why Privately-held Manufacturers Should Implement IFRS-ready ERP Solutions*
	While regulatory requirements to adopt International Financial Reporting Standards (IFRS) may be a concern for publically traded companies only, there are plenty of reasons why privately held entities will want to prepare to adopt IFRS as well... *To read this article, registration required with TechnologyEvalutation.com