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The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting by Francesco Bellandi

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1.4 SCOPE OF THE BOOK

1.4.1 The Dual Reporting Perspective

This Book uses the expression “dual reporting” to mean the use of systems, processes, and procedures to report under at least two comprehensive bases of accounting in a complete set of general purpose primary financial statements. This Book follows a multi-standard comparison approach, and includes implications for managers. It also includes some practical tools to help face changing accounting systems to reporting in (at least) two comprehensive bases of accounting, as opposed to just a one-off exercise for reconciliation to U.S. GAAP.

The circumstances discussed in Paragraph 1.3 previously show that companies migrating to IFRSs may have the need to embed the capabilities mentioned above in their systems. The Concept Release also acknowledges this phenomenon for certain U.S. issuers, due to competition for capital globally, a broad subsidiaries base in IFRS jurisdictions, or the requirement to file under IFRSs for regulatory or statutory purposes.21 The pathway foreseen in the SEC statement might be read in the sense that dual reporting would be the most likely route. For example, if the SEC requires IFRSs for the years ending on or after December 31, 2015, the transition date for a calendar-year company would be January 1, 2013. This means that from 2013 to 2015 and very likely beyond, some dual reporting systems will be necessary. If the condorsement approach is followed, there will be a transitional period of at least ...

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