International Financial Reporting Standards (IFRS) are a set of accounting standards that are becoming the global standard for the preparation of financial statements.
In addition to the US Generally Accepted Accounting Principles (GAAP), H2R CPA is fully trained and qualified in the International Financial Reporting Standards (IFRS). We are able to assist clients in process of converting from GAAP to IFRS and deciding if and when a conversion might be right for them.
Due to the globalization of the US economy, a growing need for a single set of global accounting standards has led to the increased adoption of IFRS. By adopting IFRS, a business can present its financial statements on the same basis as its foreign competitors, making comparisons easier. In addition, companies with subsidiaries in countries that require or permit IFRS may be able to use one accounting language company-wide. Companies also may need to convert to IFRS if they are a subsidiary of a foreign company that must use IFRS, or if they have a foreign investor that must use IFRS. Companies may also benefit by using IFRS if they wish to raise capital abroad.
Meet Our IFRS Leadership Team
