CCH, Grant Thornton, Produce Online IFRS Guide
Tuesday, November 24, 2009
Posted by: Boomer Consulting, Inc.
Now there’s an online guide to the International Financial Reporting Standards (IFRS) for tax, audit and accounting professionals. CCH and Grant Thornton LLP have created the IFRS Tax Manager™, an up-to-date and comprehensive resource on compliance with tax accounting and reporting standards under IFRS. CCH, a Wolters Kluwer business is a leading provider of tax, accounting and audit information, software and services (CCHGroup.com).
"Over 100 nations have already adopted or accepted IFRS, and FASB has been working with the IASB to achieve convergence between U.S. GAAP and IFRS,” noted CCH Product Manager Rachel Mavrak. "Professionals are already looking towards the adoption of IFRS now, and with the IFRS Tax Manager, CCH and Grant Thornton are showing the way.”
The transition can be complex and time-consuming, but the IFRS Tax Manager provides the material and guidance needed to become knowledgable about IFRS, the convergence of U.S. GAAP to IFRS and eventual transition. The IFRS Tax Manager includes complete, official and authoritative text of IAS 12, 34 and 37, with additional IFRS standards to be added on a regular basis. Making the standards more accessible and showing how they can be implemented are independent, professionally written guidance, practice tools and best practices, including guidance from the Securities and Exchange Commission.Questions and Answers, Practice Aids from Grant Thornton
Walking users through tax-related IFRS issues, from an overview to the details of convergence, are over 60 Questions and Answers authored by Grant Thornton tax practitioners. The Questions and Answers provide interpretations and explanations of the tax rules under IFRS, including the significant differences between U.S. GAAP and IFRS regarding earnings and profits, transfer pricing, accounting methods and reporting. The Questions and Answers reflect IFRS guidance and provide links to the IFRS text in IAS 12, 34 and 37, as well as to the helpful Practice Aids. The Questions and Answers are kept up-to-date in quick response to developments of importance and interest relating to IFRS adoption and use.
"The increased focus we are seeing on IFRS will only intensify,” said Grant Thornton Tax Accounting and Risk Advisory Director April Little. "Companies will want to review their existing accounting policies and begin evaluating their options. IFRS Tax Manager is an excellent reference tool for tax professionals who need to get up to speed.”
Grant Thornton also provided the comprehensive Practice Aids in the IFRS Tax Manager, such as a guide to first-time IFRS adoption, IFRS reporting and privately held companies, an explanation of the SEC Roadmap to IFRS, an example of consolidated financial statements under IFRS and comparison charts showing correspondence between U.S. GAAP and IFRS.
"Users will find these contributions from Grant Thornton to be immensely valuable as they grapple with the many issues they will face when they implement IFRS in their own organization,” Mavrak said.
The IFRS Tax Manager also provides subscribers with numerous Best Practices documents, including recent SEC guidance and interpretations and sample SEC annual and quarterly disclosure documents.
For More Information
For more information on the IFRS Tax Manager, visit CCHGroup.com/IFRS-tax-manager or contact a CCH sales representative at 1-888-224-7377.About Grant Thornton
The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity. In the U.S., visit Grant Thornton LLP at www.GrantThornton.com.About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading products are The ProSystem fx® Suite, CCH® TeamMate, CorpSystem®, CCH® IntelliConnect™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal, and regulatory sectors. Wolters Kluwer had 2008 annual revenues of €3.4 billion, employs approximately 20,000 people worldwide, and maintains operations in over 35 countries across Europe, North America, Asia Pacific, and Latin America.
Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Visit www.wolterskluwer.com for information about our market positions, customers, brands, and organization.