US GAAP and IFRS Adjustments

Finit Solutions' global clients require the ability to make US GAAP and/or IFRS adjustments within their consolidation systems in order to present financials in compliance with both local statutory and external reporting requirements. In many cases, foreign subsidiaries are required by law to maintain their general ledgers only under local statutory guidelines. Finit designs applications that provide the capability to load US GAAP / IFRS adjustments while maintaining local statutory standards in the ledgers and providing transparency for corporate into the US GAAP and IFRS adjustments.

The ability to isolate US GAAP and IFRS adjustments from trial balance data while also providing a consolidated, US GAAP or IFRS view is becoming an increasingly hot topic as organizations prepare for the likely conversion to IFRS within the next 5-10 years. If IFRS becomes a reality, most organizations will find it most expedient to make their historical IFRS adjustments in their consolidation system, instead of opening up 3 years of history in all the general ledgers. Finit has developed solutions for accommodating US GAAP and IFRS adjustments for numerous clients, and our consultants’ backgrounds in finance and accounting make us distinctively qualified to make best practice recommendations for your organization.

For more information about IFRS and the potential impact on your consolidation systems, please see our Q2 2009 edition of The Finit Minute:
IFRS and Financial Consolidation Systems: What You Can Do to Prepare