Russell Novak Partner Launches “IFRS versus GAAP” Resource Center

International Accountant Barry Epstein Offers IFRS and GAAP Comparisons for CFOs and Accountants

CHICAGO and LONDON —“IFRS versus GAAP” is the name of a new online resource center recently launched by international accounting expert Dr. Barry Jay Epstein, CPA, a Partner at the Chicago accounting firm of Russell Novak & Company. The free service is available at www.ifrsaccounting.com.

Accounting standards-setting bodies worldwide, following the leadership of the London-based International Accounting Standards Board (IASB), have been moving toward the adoption of International Financial Reporting Standards (IFRS) in addition to or in place of U.S. Generally Accepted Accounting Principles (GAAP).

Based on current efforts of the Securities and Exchange Commission (SEC) in the U.S., it is entirely possible that IFRS may replace U.S. GAAP by 2012. Over 100 countries worldwide have already adopted IFRS. Most notably, IFRS have been formally mandated for publicly held companies chartered by European Union (EU) member nations.

“Implications for accountants, attorneys, chief financial officers, corporate directors and multinational corporations are significant and immediate,” notes Dr. Epstein. “Training on the differences between IFRS and GAAP is essential, as well as increased financial scrutiny of international transactions. Failure to implement IFRS correctly may result in an increased risk of litigation.”

Drawing on material contained in the 12th edition of Dr. Epstein’s book “Wiley IFRS 2008: Interpretation and Application of International Accounting and Financial Reporting Standards,” the IFRS site details major differences between IFRS and GAAP in the areas of income statements, balance sheets, cash flow statements, inventory, investments, earnings per share, foreign currency, and more.

IFRS interpretive guidelines are also summarized on the “IFRS versus GAAP” site, including IFRS Standing Interpretations Committee (SIC) standards, and International Financial Reporting Interpretations Committee (IFRIC) rulings.

About International Accountant Dr. Barry Jay Epstein, CPA

Dr. Epstein (www.ifrsaccountant.com) is a partner at the Chicago-based accounting firm Russell Novak & Company (www.rnco.com), where his work is centered 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 attorneys extensively in the areas of securities litigation, white collar defense, financial fraud, and accountants' liability.

Dr. Epstein is the lead co-author or author of several standard reference works. In addition to “Wiley IFRS,” he is the lead co-author of “Wiley GAAP,” now in its 24th edition, 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 over forty years of experience as a CPA, having held positions in university teaching, corporate financial management, and public accounting over the course of his career.

His recent work as an accounting expert includes numerous assignments for the SEC and other government regulatory agencies, as well as for over 90 private sector litigation matters, often involving merger and acquisition (M&A) disputes or other contractual issues.

Further information on Dr. Epstein is available at www.ifrsaccountant.com.

Contact:
Margaret Grisdela
Legal Expert Connections, Inc.
561-266-1030 or mg@legalexpertconnections.com