IFRS Whitepapers for Automotive and Aerospace & Defense Industries Available From Deloitte

NEW YORK, Sept. 5, 2008 - Deloitte has issued two new whitepapers that provide information to chief financial officers, senior finance leaders and other corporate executives regarding the adoption of International Financial Reporting Standards (IFRS) for the automotive and aerospace & defense industries.

The papers, part of a series launched by Deloitte, are particularly timely given the Securities and Exchange Commission's recently proposed IFRS Roadmap to mandatory adoption of IFRS and proposed rule changes that would allow certain U.S. companies the option to prepare and issue financial statements using IFRS. They are available immediately on Deloitte's IFRS web site via the following urls:

  
http://www.deloitte.com/us/ifrs/automotive
  http://www.deloitte.com/us/ifrs/aerospaceanddefense

"Financial executives of companies across all industry sectors need to fully understand the impact IFRS will have on their organization, including the potential costs and benefits," said Karen Mazer, a principal with Deloitte Consulting LLP and national managing partner, U.S. Industries. "IFRS will impact companies in each industry sector differently depending on the issues unique to the sector. Some companies have significant regulatory and capital market considerations, while others may have complex organizational structures that include multiple subsidiaries and joint venture relationships. These papers are expected to help financial executives understand the key issues affecting their industry so they can make informed decisions on when and how to embark on conversion to IFRS in a measured way."

Each of the Deloitte papers provides an overview of the key impacts of IFRS implementation: technical accounting, process and statutory reporting, technology infrastructure, and organizational issues, and examines specific potential differences when converting to IFRS from U.S. GAAP.

D.J. Gannon, a partner with Deloitte & Touche LLP and leader of Deloitte's IFRS Solutions Center, added, "A successful IFRS conversion project will involve not only understanding the technical accounting and financial reporting issues, but also issues around internal processes and controls, regulatory, statutory, and management reporting, technology infrastructure, and organizational issues such as tax, treasury and cash management, legal and human resources."