Full Adoption of IFRS Expected; Becoming Important for Companies to Develop Response,...

Full Adoption of IFRS Expected; Becoming Important for Companies to Develop
Response, Implementation Plan
Company Leaders Must Understand the Impact of IFRS across the Enterprise for a
Successful Transition, According to Deloitte Whitepaper

NEW YORK, Aug. 5 /PRNewswire/ -- International Financial Reporting
Standards (IFRS) implementation is expected to result in significant changes
for companies and, in light of the regulatory landscape, the time is now for
companies to develop a plan for the accounting switch according to a paper
released today by Deloitte.
The Deloitte paper, "International Financial Reporting Standards for U.S.
Companies: Planning for IFRS Adoption," provides analysis of the planning
process, which includes assessing technical accounting and tax, process and
statutory reporting, technology infrastructure and organizational issues.
"As economic turmoil has brought accounting and financial issues to the
forefront, investors, companies, regulators and the public are paying close
attention to how IFRS can impact financial reporting and market conditions,"
said D.J. Gannon, a partner with Deloitte & Touche LLP and leader of its IFRS
Solutions Center. "IFRS emphasizes transparency in financial reporting which,
ultimately, is expected to provide financial information that is more closely
aligned with the economics underlying the transactions and events accounted
for in the financial statements. This is expected to enable executives and
investors to make proactive and better-informed business decisions."
The Deloitte paper is available at
http://www.deloitte.com/us/ifrs/planning . D.J. Gannon is available to discuss
in detail the varying business and systems implications that companies should
consider in adopting IFRS.
To view this press release in its entirety, please click on the following
link: http://www.deloitte.com/us/pr/ifrsfulladoption
About Deloitte
As used in this document, "Deloitte" means Deloitte LLP and Deloitte
Services LP, a subsidiary of Deloitte LLP. Please see
http://www.deloitte.com/us/about for a detailed description of the legal
structure of Deloitte LLP and its subsidiaries.
SOURCE Deloitte

Daniel Mucisko, Public Relations, Deloitte, +1-212-492-2870,
dmucisko@deloitte.com; or Christine Vu, Hill & Knowlton, +1-212-885-0309,
Christine.Vu@hillandknowlton.com