With capital markets becoming more global, momentum is building for a single set of high-quality global accounting standards—International Financial Reporting Standards (IFRS). IFRS could be consistently applied by issuers and their auditors and understood by investors throughout the world. Today's dialogue throughout the marketplace is questioning whether US GAAP will ultimately be replaced by IFRS. For most companies accustomed to US GAAP, a transition to IFRS would require, at the very least, a change in mindset.
Oil and gas companies, especially those that operate on a global basis, could be particularly affected because many of their global competitors are already reporting under IFRS. If larger companies decide to convert, smaller companies may feel compelled to do the same. For all the potential advantages that IFRS has to offer, it is by no means a perfect solution. As you consider the potential impacts of IFRS on your company and how to contend with its associated challenges, check back to this page for timely insights from our worldwide network.
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