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  1. CohnReznick: Advisory, Assurance, Tax Firm
  2. Services
  3. Advisory
  4. CFO Advisory
  5. IFRS/GAAP
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IFRS/GAAP

Whether driven by an acquisition, organic growth, a listing in the U.S. capital markets, or another transformative event, a business may choose to transition from complying with International Financial Reporting Standards (IFRS) to U.S. Generally Accepted Accounting Principles (GAAP), or vice versa. The convergence of accounting standards has made adoption of a single methodology a more commonplace decision, albeit one with major and lasting ramifications for investors, corporate management, and other key stakeholders.

CohnReznick’s IFRS/GAAP Advisory team helps clients meet the challenges of a new era in accounting standards head-on, from assessing the impact of GAAP or IFRS adoption on their business, to conversion and implementation, to creation of financial statements and reporting using the chosen standards. We help clients prepare for the long-term impacts of the decision, including what it means for people and systems in other parts of the company that have a role to play in sustaining compliance.

CohnReznick’s Advisory team understands the broader impact of changes to accounting standards, which in many ways represent a significant transformational effort across existing policies, processes, and technology. Some of the key differences for companies to consider when transitioning between IFRS and U.S. GAAP include: 

  • Amortization of right-of-use assets for leases classified as operating under U.S. GAAP
  • Certain inventory costing and valuation approaches
  • Impairment allocation and testing approaches, methods, and measurement of intangible assets with indefinite lives, including goodwill
  • Deferred tax assets, liabilities, and tax provisions are impacted depending on tax allocation methods and certain transactions

Some areas will require more in-depth evaluation depending on the complexity of a company’s debt and equity structure and the nature of their operations, and for such cases we work with the company to leverage an “Assess, Implement, and Monitor” approach. 

3 phase

CohnReznick’s end-to-end approach to GAAP/IFRS Advisory services helps clients with the decisions they make regarding adoption and implementation of a new financial standard framework. We offer an international pool of advisors with GAAP and IFRS expertise and decades of public reporting experience; but as fluency in the latest accounting rules is only as good as the practical advice it generates, we differentiate our services by making sure to complement our technical acumen with practical business insights.

Contact our team to learn more about our offerings, including:

  • GAAP/IFRS assessments and insight into potential changes and financial statements 
  • Preparation of related accounting position papers
  • Advice on complex accounting policy decisions
  • Managing the messages to market
  • Insight into impacts on your bottom line
  • Post-implementation support 

Swami Venkat, CPA, CISA, CFE, ACA, Partner, CFO Advisory Leader

973.871.4044

Eric Wade, CPA, Director, CFO Advisory

704.900.2504

Related Services

  • Management Consulting
  • Project Finance and Consulting
  • Workforce Enablement Advisory Services
Swami Venkat
CPA, CISA, CFE, ACA, Partner, CFO Advisory Leader
View full biography
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From Survival to Revival: How CFOs Can Succeed in an Upended Economic Landscape
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  • Broker Dealers
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  • Mortgage Lenders
  • Real Estate Funds
  • Family Offices
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  • Small Business Investment Companies (SBICs)
  • Special Purpose Acquisition Companies (SPACs) Services
  • Venture Capital
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Advisory
  • Accounting Advisory
  • Financial Modeling and Decision Analytics
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  • Infrastructure Advisory
  • Project Finance and Consulting
  • Real Estate Advisory
  • Restructuring & Dispute Resolution
  • Risk Advisory
  • Technology+
  • Transactions
  • Valuation
Accounting & Assurance
  • Accounting Advisory
  • Accounting Services
  • Attest & Audit
  • Employee Benefit Plans
  • Lease Accounting
  • Paycheck Protection Program (PPP) Loan Forgiveness Assistance
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  • Managed and Outsourced Services to Administer and Safeguard Public Funds’
  • Mitigate Enterprise Risk & Achieve Compliance
  • Prepare for the Future of Your Business
  • Managed and Outsourced Tax Concerns
  • Transaction Processing, Financial Close, & Reporting
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