More International Financial Reporting Standards (IFRS) Information Is Available
We’re still receiving phone calls from people looking for IFRS information. It’s a pretty new concept for people in the United States and there isn’t a lot of readily available information, so we’re working to educate our clients as information becomes available.
As we discussed in our first post on this topic, IFRS will replace GAAP reporting standards if the SEC decides to adopt the IFRS international reporting standards in the United States. IFRS requires that a company’s balance sheet recognize all allowable assets and liabilities under IFRS reporting standards, re-classify items that were previously classified under GAAP, and apply IFRS standards when measuring the value of all assets, which requires a certified appraisal.
Because it isn’t certain whether the SEC will decide to adopt IFRS standards, it is advisable that if you need an appraisal, you work with an appraisal company that is familiar with IFRS. That way, if the standards are accepted and you need reporting that adheres to IFRS standards on your balance sheet, it will be available to you. It will also help you adopt the standards ahead of any SEC decision if you so choose.
Present Value LLC has performed machinery and equipment appraisals worldwide, so we are familiar with IFRS accounting principles used in other countries. If any questions about these standards arise, please contact us and we’ll help you navigate these changes as more information becomes available.
Present Value LLC is a worldwide international appraisal and advisory company that provides a range of professional services such as Certified Machinery and Equipment Appraisals, Inventory Appraisals, Asset Verification Services, Business Valuations, and Real Estate Appraisals. Contact us today!
By: Present Value
Additional reading:
Experts Recommend Companies Adopt IFRS Standards Ahead of SEC Decision