This White Paper provides a general introduction to IFRS, focusing on both the high-level characteristics of the framework and the short-term, tactical issues that US-based multinational companies should be considering. Even though rapid legislated convergence is unlikely to occur, ASC 718 and IFRS 2 contain many critical differences. Multinational companies are facing these challenges today even without convergence as they seek to improve their statutory reporting processes.
To this end, the White Paper also reviews the key differences between IFRS 2 and ASC 718. It concludes with practical recommendations companies should consider with regard to both short-term and long-term concerns.
