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IFRS GAAP International Accounting Expert Available to Discuss SEC's Roadmap for IFRS

Posted 09-12-2008 at 07:43 PM by sanki
Updated 09-12-2008 at 09:07 PM by sanki

Dr. Barry J. Epstein, CPA, Author of "Wiley IFRS," Advises CFOs, Attorneys, Boards

Last update: 9:00 a.m. EDT Sept. 9, 2008

CHICAGO, Sep 09, 2008 (BUSINESS WIRE) -- Barry Jay Epstein, Ph.D., CPA, a Partner with the Chicago-based accounting firm Russell Novak & Company (, anticipated the eventual U.S. conversion from Generally Accepted Accounting Principles (U.S. GAAP) to International Financial Reporting Standards (IFRS) more than ten years ago. As the lead co-author of "Wiley GAAP" and "Wiley IFRS," now in their 24th and 12th editions respectively, he envisioned the day when maintaining two sets of accounting standards would be unsustainable in a truly global economy.

Dr. Epstein is available to comment and consult on the August 28th Securities and Exchange Commission's proposed IFRS Roadmap. Under the SEC's proposal, at least 110 large multinational companies based in the U.S. will begin to file financial reports under IFRS as early as 2010, with all U.S. public companies reporting under International Financial Reporting Standards by 2014.

"U.S. public companies need to immediately assemble an IFRS team, schedule staff training, establish an IFRS implementation timeline, and conduct diagnostics to identify GAAP versus IFRS financial reporting implications," advises Dr. Epstein. "Boards of Directors, as well as corporate and securities litigation attorneys, will need to evaluate the litigation risk associated with the transition from GAAP to IFRS."

"IFRS versus GAAP" is an online resource center launched earlier this year by Dr. Barry Epstein, CPA. The free service is available at

Drawing on material contained in the 12th edition of Dr. Epstein's "Wiley IFRS" book, the IFRS versus GAAP site details major differences between IFRS and GAAP in income statements, balance sheets, cash flow statements, inventory, investments, earnings per share, foreign currency, and more.

About International Accountant Dr. Barry Jay Epstein, CPA
Dr. Epstein is a partner at the Chicago accounting firm Russell Novak & Company, where his work centers around technical consultation on GAAP, IFRS, auditing standards, litigation consulting, and Sarbanes Oxley Audit Committee compliance. He is a practicing accountant and expert who works with lawyers extensively in the areas of securities litigation, white collar defense, financial fraud, and accountants' liability.

Dr. Epstein is also the author of "Handbook of Accounting and Auditing," (New York: Thomson Tax & Accounting, 2007, with updates since 1998) and co-author of "Wiley IFRS Policies and Procedures." He has forty years of experience as a CPA, and has held positions in university teaching, corporate financial management, and public accounting during his career.

Background on Dr. Epstein is available at
SOURCE: Russell Novak & Company
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