IFRS: a strategic opportunity

The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world.

Its impact stretches far beyond accounting to affect every key business decision, not just how it is reported. Access to up-to-date knowledge, insights and timely advice is essential. As IFRS becomes the financial reporting language in many more countries, consistent interpretation and application becomes ever more vital.

We have developed the global resources — people and knowledge — to provide the benefit of our broad sector experience, our subject matter knowledge and the latest insights from our worldwide network.

The starting point of the journey is to conduct an IFRS diagnostic to assess the impact conversion will have on your business. For more on how Ernst & Young can help you prepare to report under IFRS, contact us.

IFRS Outlook Supplements

Download the supplements to IFRS Outlook Issues 92, 93, 94, 95, and 96.

Good Bank (International) Limited 31 December 2010

This publication contains an illustrative set of consolidated financial statements of a fictitious group of banking companies for the year ended 31 December 2010. These statements have been prepared in accordance with IAS 39, Financial Instruments: Recognition and Measurement, and other IFRS standards in issue at 31 August 2010.

SEC in Focus January 2011

The latest issue of Ernst & Young’s quarterly update discusses how SEC staff continues to study the possible incorporation of IFRS into US financial reporting, with a decision expected in 2011. Also, SEC staff issues “Dear CFO” letter on disclosures related to mortgage and foreclosure-related activities or exposures.

Global IFRS implementation summarized

Ernst & Young is pleased to launch a new feature summarizing the status of IFRS implementation in more than 130 countries. Our IFRS Status of Implementation tool summarizes conversion status and baseline requirements for preparing and filing financial statements under IFRS.