As more and more businesses have gone global, the need for international accounting standards has grown accordingly. International Financial Reporting Standards are now so widely used that the U.S. Securities and Exchange Commission is considering implementing IFRS into its financial reporting system for public companies, and the Financial Accounting Foundation in the U.S. is considering IFRS for Small and Medium-sized Entities (IFRS for SMEs) amongst various alternatives for private companies.
Barnes Dennig is proud to announce that Director Thomas J. Groskopf, CPA, will have a role in shaping how those standards are incorporated.
Groskopf was recently appointed by the IFRS Foundation – the parent organization to the International Accounting Standard Board – to its newly created SME Implementation Group, which will support and monitor the adoption of IFRS for SMEs. He joins an august group of international financial executives, academicians, international accounting firm executives and government officials. A complete list of appointees can be found at ww.ifrs.org.
The group is responsible for developing guidelines for implementing the IFRS for SMEs and recommending any necessary amendments to the International Accounting Standards Board.
“Tom has been able to keep us – and thereby our clients – abreast of proposed and pending changes to many accounting issues,” said William J. Cloppert, Managing Director at Barnes Dennig. “With IFRS on the horizon, Tom will now be able to do the same for our clients as he has done with other accounting pronouncements and proposals.”
“I am honored to have been selected to join such a distinguished group of individuals,” Groskopf said. “The SME Implementation Group work will be pivotal in shaping the direction of accounting standards for private companies globally in the 21st Century.”
Groskopf is a member of the Financial Accounting Standards Board’s Private Company Financial Reporting Committee, and he was recently invited to participate in the Financial Accounting Foundation’s Strategic Advisory Panels. He previously served a three-year term on the Technical Issues Committee of the American Institute of Certified Public Accountants, and he has served on the Ohio Society of Certified Public Accountant’s Audit and Accounting Committee.