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Mind the GAAP

As the SEC presses for accelerated acceptance of IFRS as a GAAP alternative, many financial executives fear a hasty move could be as problematic as the rush to adopt SOX . But not United Technologies

By Dave Lindorff | Updated on April 01, 2008

When the U.S. finally converts its corporate accounting to the more globally utilized International Financial Reporting Standards (IFRS) from Generally Accepted Accounting Principles (GAAP), companies like United Technologies Corp. (UTC) are likely to take a huge hit because of differences in how such items as inventory are handled. No matter.

Margaret Smith, UTC’s controller, is one of the biggest proponents for making the switch–and as soon as possible. “With 62% of our revenues coming from international locations, and with more than 180 offices abroad, we’re watching this process carefully,” says Smith, a vice president at the $55 billion conglomerate. “While initially it would cost us more, there would be big savings in being able to move all our accounting operations into one service center that could do it all.”

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