Technology Consideration for Ifrs Essay

2322 WordsApr 22, 201310 Pages
Document View - ProQuest Page 1 of 4 Databases selected: Multiple databases... Technology Considerations for Converting to IFRS Alexandra DeFelice. Journal of Accountancy. New York: Apr 2010. Vol. 209, Iss. 4; pg. 26, 4 pgs Abstract (Summary) In an interview, Lewis A. Dulitz, VP of accounting policies and its research at Covidien, talked about their experience in converting its IFRS in the US and provided advice for other companies to consider. In December 2008, Covidien announced it was relocating is principal executive office from Bermuda -- which reports in US GAAP -- to Ireland, where local companies were required to file with the Irish authorities in accordance with either IFRS or Irish GAAP. They were preparing to file in accordance with IFRS beginning with their fiscal 2009 year-end for local purposes while maintaining their SEC filings in accordance with US GAAP. Recently a change in Irish law extended their ability to use US GAAP for their Irish filings, but they have continued to prepare internally for IFRS implementation. Their most significant system change was consolidation system. Their goal was to have system-generated IFRS-compliant financial statements. It appears the SEC will require US companies implementing IFRS to provide two years of comparable information. Full Text (1780 words) Copyright American Institute of Certified Public Accountants Apr 2010 Lewis A. Dulitz, vice president of accounting policies and research at Covithen - a $10.7 billion health care products company with 42,000 employees in more than 60 countries - was part of a team that implemented the necessary technology changes in Europe to help Covithen convert to IFRS and led a similar team in the U.S. He answered questions from the JofA about the experience and provided advice for other companies to consider. JofA: Why did Covithen begin its IFRS

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