International Financial Reporting Standards - a Great Primer

HR professionals often get the feedback that they don't understand the business. Attached below is a primer on one of the largest shifts in Financial Reporting to hit the US. Companies will need to switch from GAP/FASB accounting to International Financial Reporting Standards (IFRS). While at a macro level - the approaches are the same - it is the specifics of the rules that will have large impacts on US businesses. For instance, revenue recognition rules are different.

So check with your CFO to find out what their thoughts on when they will tackle this conversion. The reason from a HR perspective - is to understand what the impact to the stock and earnings are. This could impact earnouts and other long term incentive plans.

(Source: PWC - 10Minutes: International Financial Reporting Standards: The right move for US business)