JamisonMoneyFarmer PC’s International Core Group is committed to providing excellent tax, accounting, auditing and consulting services to public and private companies with global business needs. Our experience includes clients who have operations in Germany, Mexico, Canada, China, England, Ireland, Italy, Slovenia, Spain, Switzerland, and others.
Languages Spoken Fluently: German, Hungarian, Queen’s English, Southern Drawl
Although we work with companies from all over the world, we have a heavy concentration of German companies in Alabama, so we have created a group known as the US-German Alliance. We are also working closely with three Canadian firms who cover all of the major economic hubs in Canada.
A Local Firm with a Global Compass
The global marketplace has experienced a boom even in these times of economic distress. Businesses participating in the global economy face exciting and complex challenges. We at JamisonMoneyFarmer PC believe that these challenges can be met with our highly trained staff. Whether you are looking to enter new markets internationally, expand existing global operations, or convert to internationally-accepted financial reporting standards, JMF has the resources to assist you every step of the way.
Our International Core Group is dedicated to providing services that will meet your global needs. We offer the following services:
- Residency issues for foreign employees
- Transfer pricing
- Form 5472 (disclosure statement of foreign transactions) needs
- Foreign equivalent of 1099’s
- Hypothetical tax calculations
- Foreign income exclusion
- Consolidation of foreign based entities with U.S. based parent companies
- IFRS conversions and convergence
IFRS Conversion – What in the World?
There are many factors motivating the use of IFRS worldwide as it becomes the global standard. JamisonMoneyFarmer PC can help your business get from here to there.
The IASB (International Accounting Standards Board) and the FASB (U.S. Financial Accounting Standards Board) have done much to reduce transition difficulties and costs by narrowing differences between the two systems in their convergence projects. Also, through convergence, both sets of accounting standards have been improved. Both regimes now have strengths and weaknesses. Both are of high quality, but only one IFRS has the prospect of global acceptance.
IFRS (International Financial Reporting Standards) offer guidelines and rules that are set by the IASB (International Accounting Standards Board). The creation of these standards allows investors, organizations, and governments to compare the IFRS-supported financial statements with greater ease despite different histories and cultural backgrounds that have led to many national GAAPs.
Approximately 100 plus nations and reporting jurisdictions permit or require IFRS for domestic listed companies. While application of IFRS in the U.S. may seem like it will be many years before we feel the effects, the convergence and adoption may be inevitable. The adoption of IFRS may be the most significant accounting change the U.S has ever seen; therefore including it in your business plan would be advantageous to many.
Conversion to IFRS is much more than an accounting implementation. It will affect many aspects of a company’s operations, from accounting rules, to tax reporting requirements, to information technology applications, to internal reporting and controls and processes, and calculating key performance factors.
First-time adoption of IFRS gives companies a one-time opportunity to completely reassess and change their accounting policies. Certain IFRS allow choices of measurement rules; therefore a company in transition needs to weigh the alternative approaches carefully in order to select the most appropriate choices for them as these will have to be applied on a consistent basis going forward.
JamisonMoneyFarmer PC can help you understand how these changes will affect your business and help assist you in making complicated decisions surrounding conversion to IFRS. We can form a roadmap that is tailored and customized to fit your company’s needs.
Key considerations include:
- Training of all staff that is affected by the changes.
- Resources to allow for the parallel running of U.S. GAAP and IFRS accounting systems.
- Dry-runs of new IFRS systems and processes to iron out problems and weaknesses.
- Adequate resources to answer technical questions relating to the transition.
Key phases include:
- Overall plan development and initial difference identification
- Detailed US GAAP to IFRS analysis
- Solution development to arising issues
- Implementation – Recognition and Derecognition
- Post implementation review
- Continue maintenance and support
To assist you in your implementation and to enable us to work cooperatively with your company, JamisonMoneyFarmer PC has created a straightforward and effective IFRS conversion approach that will carry your company successfully throughout the many phases of conversion.