International Financial Reporting Standards: What U.S. Companies Should Know

During the past year, thousands of companies around the globe have moved to International Financial Reporting Standards (IFRS) as a basis for financial reporting. Nearly every country has embraced IFRS in some way, including the August 2008 release of the U.S. Securities and Exchange Commission’s proposed roadmap, which could lead to the use of IFRS by U.S. issuers. It is time for U.S. companies to take action.

Mark T. Plichta, Foley Transactional & Securities Partner, and John Wozniak, Vice President and Assistant Controller of Motorola, Inc., discussed key strategies for dealing with the transition to IFRS. The program addressed:

• Advantages to U.S. companies that report under IFRS


• Lessons learned by the European Union (EU) and other countries adopting IFRS


• IFRS implementation strategies