– Plante & Moran, PLLC, one of the nation’s largest public accounting and business advisory firms, announces that David Grubb, CPA, a partner in the firm’s Professional Standards Group, served as a panelist in a roundtable on International Financial Reporting Standards (IFRS) held yesterday in Washington, D.C. by the U.S. Securities and Exchange Commission (SEC).
The roundtable featured three panels representing investors, smaller public companies and regulators and discussion topics included investor understanding of IFRS, the impact on smaller public companies, and the benefits and challenges of incorporating IFRS into U.S. public company accounting. Mr. Grubb served as an expert on the panel addressing IFRS issues of smaller public companies. The roundtable, which was open to the public, was webcasted by the SEC and will be archived on the SEC website at http://sec.gov
IFRS are the international counterpart to U.S. Generally Accepted Accounting Principles (U.S. GAAP) and represent an accounting framework that’s used in more than 100 countries throughout the world. Most major economic markets either currently require public companies to prepare their financial statements in accordance with IFRS or have a plan to switch to IFRS in the coming years. Public companies in the European Union have been using IFRS since 2005 and those in Canada adopted IFRS in 2011. The drive towards the adoption of IFRS for all companies in the United States is underway despite recent road bumps due to the global economic crisis. The (SEC) has proposed a roadmap for the adoption of IFRS by public companies in the U.S. and the Financial Accounting Standards Board (FASB), the accounting standard setting body in the U.S., has committed to converging U.S. GAAP with IFRS.
Transitioning from U.S. GAAP to IFRS can result in significant changes throughout the organization. In addition to the changes to financial reporting, a switch to IFRS accounting can impact areas such as information systems, vendor contracts, tax reporting, and incentive compensation arrangements and benefit plans. Plante & Moran’s IFRS services include audits of IFRS financial statements, IFRS impact assessments and implementation planning, and technical support and training.
Mr. Grubb is a partner in the Southfield, Michigan Office of Plante & Moran, PLLC and is a member of the firm’s Professional Standards Team. He has 19 years of public accounting experience and is the firm’s director of accounting policy. David has firm-wide responsibilities for accounting standards implementation, consultation and training on accounting and auditing technical matters, and reporting under IFRS.
In addition to his responsibilities with the Professional Standards Team, Mr. Grubb has extensive experience consulting with SEC registrants and other clients on the application of accounting principles; including revenue recognition, leases, business combinations, income taxes, stock-based compensation and others.
Mr. Grubb holds a Bachelor of Science degree in Accounting from the University of Detroit. He is a member of the American Institute of Certified Public Accountants, the Michigan Association of Certified Public Accountants and the Board of Advisors for the College of Business Administration at the University of Detroit Mercy.
About Plante & Moran, PLLC
Plante & Moran is among the nation’s largest certified public accounting and business advisory firms, providing clients with tax, audit, risk management, financial, technology, business consulting, and wealth management services. Plante & Moran has a staff of more than 1,600 professionals in 21 offices throughout Michigan, Ohio, and Illinois with international offices in Shanghai, China; Monterrey, Mexico; and Mumbai, India. Plante & Moran has been recognized by a number of organizations, including FORTUNE magazine, as one of the country’s best places to work.