The efforts by the IASB and FASB to converge accounting requirements across a number of key topics is driving significant changes in both IFRS and US GAAP. These forthcoming accounting changes in IFRS and US GAAP over a prolonged period of time could impact the way companies conduct business and track, measure and report various transactions and interests.

The volume and significance of the topics currently under deliberation has the potential to result in a period of unprecedented change, and the implementation of these accounting changes throughout an organization may require significant time and resources. Some of these changes are transformational in nature and may impact the entire organization (systems, processes, controls, record keeping, performance measurement and results, communication). 

KPMG's Accounting Advisory Services practice is well positioned to help you implement new accounting standards. KPMG professionals can provide timely advice on the impacts of accounting changes, assist you in the development of an implementation roadmap and conduct technical training sessions to equip your team with the knowledge to navigate new standards successfully.

Our teams understand that the pace of these changes is swift, the volume is significant, and it can be hard to keep up with all the requirements and potential impacts. KPMG member firms work with you to understand the potential implications of the anticipated accounting changes and the potential business decisions that may be necessary. Our cross functional teams can provide insight into the impact on general control environment, systems and processes, and business integration.