NEW YORK, Sept. 5 Deloitte-whitepapers
NEW YORK, Sept. 5 /PRNewswire/ -- Deloitte has issued two new whitepapers
that provide information to chief financial officers, senior finance leaders
and other corporate executives regarding the adoption of International
Financial Reporting Standards (IFRS) for the automotive and aerospace &
defense industries.
The papers, part of a series launched by Deloitte, are particularly timely
given the Securities and Exchange Commission's recently proposed IFRS Roadmap
to mandatory adoption of IFRS and proposed rule changes that would allow
certain U.S. companies the option to prepare and issue financial statements
using IFRS. They are available immediately on Deloitte's IFRS web site via the
following urls:
http://www.deloitte.com/us/ifrs/automotive
http://www.deloitte.com/us/ifrs/aerospaceanddefense
"Financial executives of companies across all industry sectors need to
fully understand the impact IFRS will have on their organization, including
the potential costs and benefits," said Karen Mazer, a principal with Deloitte
Consulting LLP and national managing partner, U.S. Industries. "IFRS will
impact companies in each industry sector differently depending on the issues
unique to the sector. Some companies have significant regulatory and capital
market considerations, while others may have complex organizational structures
that include multiple subsidiaries and joint venture relationships. These
papers are expected to help financial executives understand the key issues
affecting their industry so they can make informed decisions on when and how
to embark on conversion to IFRS in a measured way."
Each of the Deloitte papers provides an overview of the key impacts of
IFRS implementation: technical accounting, process and statutory reporting,
technology infrastructure, and organizational issues, and examines specific
potential differences when converting to IFRS from U.S. GAAP.
D.J. Gannon, a partner with Deloitte & Touche LLP and leader of Deloitte's
IFRS Solutions Center, added, "A successful IFRS conversion project will
involve not only understanding the technical accounting and financial
reporting issues, but also issues around internal processes and controls,
regulatory, statutory, and management reporting, technology infrastructure,
and organizational issues such as tax, treasury and cash management, legal and
human resources."
About Deloitte
As used in this document, "Deloitte" means Deloitte LLP and Deloitte
Consulting LLP and Deloitte Services LP, separate subsidiaries of Deloitte
LLP. Please see www.deloitte.com/us/about for a detailed description of the
legal structure of Deloitte LLP and its subsidiaries.
SOURCE Deloitte
