14 January 2011, 15:16PM
Preparing for the International Financial Reporting Standard
On November 14, 2008, the SEC released its proposed road map for the adoption of IFRS in the United States. About the same time, leaders from the G20 countries at a financial summit in the United States issued a statement which, among other things, confirmed the leaders' support for developing a single set of high-quality global accounting standards.
Both of these events represent progress toward the adoption of IFRS in the United States. PricewaterhouseCoopers continues to believe that the move to IFRS in the United States is inevitable and is in the best interests of investors and companies. Given the strategic and business issues related to conversion, as well as the investment of time necessary to transition a company to a new accounting language, IFRS should be an area of focus for most companies.
Although there is time to take a measured approach, you should keep the proposed timetable in mind as you make your plans. For example, companies subject to the 2014 change date should be prepared to begin capturing IFRS data January 1, 2012, in order to have readily available information to create comparative financial statements. Those companies who might consider earlier adoption may need to establish a more aggressive timetable.
Ahmed Alzaiter is stepping down as the Group Executive Chairman
Statement: From 1st Feb 2011. Dr Ahmend Alzaiter will be working as a consultant to the business. Jonathon Beckerlegge will take the position of Acting Group Executive Chairman
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ACAL Corp creates and manages a diverse selection of direct and indirect investment in different parts of the world |
The Board of Directors oversees the policies and strategic direction of the ACAL Corporation |
ACAL Corp is a leading diversified, financial & consultancy services company focusing on Green Industries, Technology, Music & Entertainment and Business development both regionally and globally |