The tax and accounting business of Thomson Reuters is partnering with Issues Central to offer a solution for corporate tax departments transitioning from US Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS).
IFRS Partner software from Issues Central is now offered with Checkpoint, the online research platform used by approximately 500,000 professionals. This new offering creates a solution that reduces transition costs, staff workload, and compliance risks, for multinational corporations transitioning to IFRS.
While thousands of companies in more than 120 countries have already adopted IFRS, the US Securities and Exchange Commission (SEC) will decide later this year whether US public companies will be required to adopt these standards. “Our relationship with Issues Central demonstrates our commitment to our corporate customers and their potential reporting needs,” said Linda Scheffel, vice president and publisher at the tax and accounting business of Thomson Reuters. “Now through Checkpoint, users can access, our up-to-date IFRS and US GAAP information, relevant expert analyses, and the practical conversion tools offered through IFRS Partner.”
The integrated solution offers:
- Preliminary project planning and scoping of GAAP to IFRS differences.
- Evaluating quantitative and qualitative business impacts.
- Drafting new IFRS accounting policies.
- Reporting to management and external auditors.
- Creating draft IFRS financial statements with integrated disclosure instructions and notes.
- Online access to expert analysis and guidance by renowned WG&L RIA, and PPC authors.
- Hyperlinked access to comprehensive primary source libraries including FASB, IASB and SEC.
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