GAAP Conversion is going to be an important topic in the management of financial records. If a company is ill-prepared for a transition to a new reporting framework, it can have a drastic impact on your financial statements.
The Security and Exchange Commission (SEC) (in China) has begun adopting international reporting standards. Although financial reporting standards and requirements vary from country to country, there has been an increasing amount of pressure put on countries to eliminate the gap between GAAP and IFRS standards and create a more streamlined approach to guidelines, which would ultimately make accounting for international firms run much more smoothly. However, in the short run, it will require a deep understanding of what exactly this change will mean for your company and its current operations.
Understanding how these converging standards will affect your company’s accounting records is important towards making the switch. At LehmanBrown, our practiced accountants can help you understand how these changes will affect your financial statements and assist you in making the necessary policy decisions.
A change in the framework is not just an accounting exercise or isolated to the accounting office but will have an effect on other areas of your company; therefore we believe that companies should handle it with great care. To achieve this, we use a multi-disciplinary approach that looks to translate the impacts of the accounting policy changes into real-world results that help achieve the desired changes to your company’s systems, processes and business as a whole.
For more information concerning LehmanBrown’s GAAP Conversion Services, please contact us at firstname.lastname@example.org