Food and Beverage: The Winds of Change Are Blowing In the World of Accounting Standards
1/13/2011
The globalization of capital markets and the need for enhanced comparability have been primary drivers toward the adoption of a single set of high-quality, globally accepted accounting standards, and today the buzz has moved beyond "adoption” to “convergence." 2011 is expected to bring forth extensive changes in U.S. GAAP that will mitigate the differences from IFRS in the way companies account for revenue and leases.
This article focuses on:
- The unique convergence issues that various stakeholders will need to consider. These stakeholders include owners, boards of directors, and audit committees; CEOs, CFOs, and strategic management teams; CFOs and finance teams; sales management; investor relations; human resources professionals; and IT management.
- The important differences to consider as the transition to IFRS approaches, including approach; inventory costing; impairments; property, plant, and equipment; lease accounting; and revenue recognition.
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