I would like to know if there are examples of public companies that have gone through an IFRS-to-US GAAP conversion, for example companies listed in a stock exchange abroad that are seeking listing in a US stock exchange.
Converting from IFRS to US GAAP
Answers
If you need to list in the U.S., you do not need to convert to U.S. GAAP. You can file with the U.S. SEC using IFRS financial statements. Hence, before you look for the IFRS-U.S. GAAP conversion, you need to answer the question if you really need to convert.
However, there are specific uses to convert the financial statements to U.S. GAAP.
In addition, U.S. GAAP will vary based on the different industries. Please let me know what specific industry you operate in and I can point you in the right direction as I have helped companies with their GAAP conversions.
Most multinational corporations follow the local reporting requirements. In your case I would say you would need to follow both IFRS and US-GAAP for both entities where your company is publicly traded. The only time you would need to convert would be if you file a consolidated statement in the US. Then the foreign entity's information would require dual reporting where the consolidated information follows US-GAAP on the consolidated statements.
There are many Companies that have been required to change their filing status with the SEC from a Foreign issuer to a domestic filer. In these cases they maybe required to convert from IFRS to US GAAP. See Amarin Pharmaceuticals.
Filed Under:
FP&A