Convergence Guidebook for Corporate Financial Reporting - Hardcover

Pounder, Bruce

Hardcover

ISBN 10: 0470285877 ISBN 13: 9780470285879

Publisher: Wiley, 2009

Synopsis

As a result of the global convergence of financial reporting standards, U.S. GAAP is changing profoundly. U.S. GAAP is also being abandoned by many public and private companies, and will eventually be replaced by a higher-quality set of global standards. The Convergence Guidebook for Corporate Financial Reporting provides the timely, practical guidance that CFOs, controllers, and other financial managers need in order to prepare for the impact of Convergence on their companies, departments, and careers. Guidebook readers will also learn why they must begin preparing for "the next big challenge in corporate financial reporting" now.

About this title

From the Back Cover

Praise for Convergence Guidebook For Corporate Financial Reporting

"A revolution in financial reporting is barreling its way toward the United States. No book will prepare you, your department, or your company as well as Bruce Pounder's Convergence Guidebook for Corporate Financial Reporting."
—Scott S. Cohen Publisher, Compliance Week

"Mr. Pounder has written the first book that I know of that holistically addresses Convergence from a value perspective—the value to organizations, the value to one's career, the value to investors, and the value to economic development by taking Convergence seriously—now! By starting off his practical guidebook with an emphasis on the financial reporting supply chain, he is emphasizing that Convergence is much more than implementing standards—it is also an opportunity for the management accountant to partner with operations to assess the end-to-end impact and implement Convergence in financial reporting such that greater value is delivered to stakeholders."
—Jeffrey C. Thomson President and CEO, Institute of Management Accountants

"This thoroughly accessible guide presents a clear, no-nonsense review of the process of Convergence and the impact this will have on preparers and users of financial reports, as well as the labor market, in the U.S.. The author expertly dispels many of the myths surrounding rules vs. principles based reporting and offers realistic and practical advice to those who need to ensure their skills are updated to face the challenges of the future. This book is a timely wake up call for accounting practitioners and educators alike."
—Muir Brown Head of Strategic Business Unit—Americas & Caribbean, ACCA

"Talk about timely! Anybody that has to make a decision about IFRS, or is otherwise going to be affected by IFRS, should read the insights in these chapters. This is the clearest road map I've seen for what the future holds for accounting."
—Gary Illiano, National Partner-in-Charge, International and Domestic Accounting, Grant Thornton LLP

"Convergence is coming. Preparers and auditors need to get ready. The Guidebook is a must-read as you get ready to lead your company through this change."
—Arleen R. Thomas, CPA Senior Vice President, Member Competency and Development, AICPA

From the Inside Flap

Everything you know about corporate financial reporting will become obsolete over the next ten years. Why? One word: Convergence. Written for those having managerial responsibility for the preparation of financial reports in accordance with U.S. generally accepted accounting principles (GAAP), the Convergence Guidebook for Corporate Financial Reporting will prepare chief financial officers, vice presidents of finance, controllers, managers of financial reporting, and managers of accounting for the many new challenges that are resulting from the global convergence of financial reporting standards.

Filled with timely, practical guidance on the immediate and ongoing effects of Convergence, this book features up-to-the-minute coverage of:

• What Convergence is and what it is not

• Why Convergence is happening

• How and why U.S. GAAP has changed and will continue to change as a result of Convergence

• How Convergence will alter U.S. labor markets for financial reporting talent

• The critical decisions and plans that managers must make in order to prepare their companies, their departments, and themselves for the growing impact of Convergence

• Expert advice on making and implementing critical decisions and plans in order to prevent Convergence from interfering with the attainment of company goals

• The adverse consequences of delaying preparations for the impact of Convergence

In the United States, both the FASB and SEC have embraced Convergence. The time to prepare for it is now, and the guide every financial manager needs to be ready is Convergence Guidebook for Corporate Financial Reporting, with its straightforward guidance on preparing for the disruptive changes in the U.S. financial reporting environment that Convergence will bring.

Edition details

• Publisher: Wiley
• Publication date: 2009
• ISBN 10: 0470285877
• ISBN 13: 9780470285879
• Binding: Hardcover
• Language: English
• Edition number: 1
• Number of pages: 256