The U.S. transition toward international accounting rules may have hit a speed bump, but that isn’t slowing some major corporations in getting ready for the eventual monumental shift in financial reporting.
At Compliance Week 2009 this week, two accounting officers for multinational companies described their early studies into how a change from U.S. Generally Accepted Accounting Principles to International Financial Reporting Standards would impact their respective companies. At Eli Lilly, Chief Accounting Officer Arnold Hanish said the company identified about 15 experts in various parts of GAAP and assigned them to study how the company’s accounting and financial reporting would be affected by a shift to IFRS.
