PROPHIX CPM Blog

IFRS Replaces GAAP Financial Reporting Practices

The movement to replace U.S. GAAP for U.S. public companies with IFRS has been widely talked about over the past several years. IFRS' replacement of the GAAP standards will bring about a global change in the accounting and financial reporting practices. If all internationally traded companies and firms with international operations report under IFRS, the need for reconciliations between the national GAAPs will be eliminated. The financial information they report will be consistent and comparable. The move toward this goal will bring about changes not only in the accounting practices but also the needs of these organizations.

The ultimate concern for many prospects becomes whether the PROPHIX solution will be able to accommodate the change from GAAP to IFRS. Our answer is a definite YES. PROPHIX provides the framework for how all these rules may be implemented and maintained by the business user without the need for additional resources (technical or otherwise).

Read more about the PROPHIX solution and how it can accommodate the change to IFRS.

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