PwC's IFRS Video Learning Center Hosts a Series of Videos Offering
Guidance On IFRS
First Ones Will Focus On First-Time Adoption of IFRS, Revenue
Recognition, Provisions & Contingencies, and Impairments &
Noncurrent Assets
NEW YORK, Nov. 20, 2008 (GLOBE NEWSWIRE) -- PricewaterhouseCoopers today launched the PwC IFRS Video Learning Center to assist companies in assessing the impact of transitioning to International Financial Reporting Standards (IFRS). The IFRS Video Learning Center, free to the public at www.pwc.com/usifrs/vlc, offers a series of videos to help companies understand the differences between IFRS and U.S. Generally Accepted Accounting Principles (US GAAP), and will help them in assessing areas of their businesses that will be most affected by these differences.
IFRS, used by many companies outside the United States, is expected to eventually replace US GAAP. The globalization of business and finance has led to a recent increase in the use of IFRS in many countries: Over 12,000 companies in more than 100 countries now use IFRS as their primary financial reporting framework, with many more planning to convert to IFRS in the next several years. IFRS is already used now in the U.S. by some international companies who are registered and file IFRS financial statements with the Securities and Exchange Commission (SEC). The SEC just last week proposed an option for some U.S. companies to file 2009 financial statements using IFRS, with mandatory conversion to IFRS of all public companies proposed to begin in 2014.
A conversion to IFRS is a challenging exercise, and companies will need to ensure they have allowed themselves sufficient time to prepare for that change. The Video Learning Center is one way PwC is helping to guide business and accounting professionals through the implementation and adoption processes.
The Video Learning Center features a series of videos, available on-demand and viewable individually at www.pwc.com/usifrs/vlc. In the videos, PwC IFRS specialists discuss key differences between US GAAP and IFRS, and provide practical examples of what companies should consider as they embark on their transition to IFRS.
The first and second sessions, released today, contain a total of 6 separate 30-minute video courses. The courses offer an overview of the guidance concerning the first-time adoption of IFRS, revenue recognition, provisions and contingencies, impairments and noncurrent assets. Future sessions, to be released periodically, will address many other topics essential to understanding IFRS, including employee benefits, tax accounting, business transactions and financial instruments, as well as other conversion related topics. Whether viewed individually, or used as part of targeted IFRS training efforts, these learning sessions can be a useful resource for increasing IFRS knowledge and awareness within an organization.
The IFRS Video Learning Center is the most recent tool PwC is providing to assist companies in planning for their IFRS conversion, joining a robust offering of publications, interactive IFRS software and a comprehensive online library of IFRS resources. Additionally, the firm recently released IFRS Ready, a full suite of educational tools and programs designed to help American accounting students learn the fundamentals of IFRS.
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