Many US companies find themselves acting like Wait-and-See, Inc. They interpret the switch from US Generally
Accepted Accounting Principles (GAAP) to IFRS as a matter of compliance rather than an opportunity to become more globally competitive by improving key internal processes. Even with over 100 countries already using IFRS, US companies seem to be waiting for the government to declare a definitive final date for their mandate of IFRS reporting before they even approach the transition.
Transitioning to IFRS offers many benefits beyond compliance. Companies completing the transition have reported greater efficiencies in their financial processes, greater profitability under IFRS reporting rules, easier access to foreign capital markets, and improved empirical analysis capabilities resulting from consolidating multiple global divisions on one reporting standard.
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