Maintaining a Global Financial Perspective
Marcum understands the importance of staying up-to-date with national and international accounting practices. In a global economy, discerning accounting firms know the value in understanding financial reporting standards beyond their own countries.
International Financial Reporting Standards
International Financial Reporting Standards (IFRS) are already recognized by many international bodies, including the European Union, Russia, Cooperation Council for the Arab States of the Gulf (GCC), Pakistan, India, Hong Kong, South Africa and Australia. Recently, the SEC removed the requirement for foreign private issuers reporting under IFRS to reconcile their financial statements to U.S. GAAP.
This impending development signifies an important shift in the acceptance of IFRS on a national and international level. As a leading accounting firm, Marcum is embracing the opportunity to offer our clients access to top quality advice with respect to IFRS. We know this capability will benefit our clients as they increasingly operate on a global scale. The ability to understand, interpret and advise on financial statements prepared in accordance with IFRS will provide a competitive advantage.
Serving National Companies with Foreign Subsidiaries
As a firm, we are increasingly presented with opportunities to provide audits for subsidiaries of companies with foreign operations.
Our affiliation with Leading Edge Alliance strengthens our ability to serve clients with overseas operations. We are an independent member of this accountancy and business services association. This professional alliance allows Marcum to call upon member firms around the world to provide clients with top-notch expertise in any foreign marketplace.
Often we provide help with:
- Auditing financial statements prepared in accordance with IFRS.
- Consolidating foreign subsidiaries that have been prepared on IFRS for statutory audit purposes in the local jurisdiction.