Jun 08, 2015
Conversion to International Financial Reporting Standards (IFRS) from U.S. GAAP (generally accepted accounting principles) for financial reporting can change the accounting for transactions, including revenue recognition, and affect a company's people, processes, information systems, and controls.
IFRS for Technology Companies: Closing the GAAP? is the first in KPMG's series on industry-specific issues facing technology companies currently using U.S. GAAP as they consider a transition to IFRS. It begins with background on the current state of IFRS-U.S. GAAP convergence efforts from a regulatory and standard-setter perspective.
The publication then discusses how IFRS compares with U.S. GAAP in key accounting areas for technology companies and shares views on how transition may affect business processes, systems, and people. The primary focus is revenue recognition, but sharebased payment and research and development are also discussed.