KPMG LLP is planning to set up a KPMG IFRS Institute aimed at fulfilling the information needs of companies, investors, academics and others affected as US companies make the transition to International Financial Reporting Standards (IFRS).

‘As companies expand their reach and economies globalise, the ability to compare financial statements across borders has become imperative,' Timothy Flynn, KPMG LLP chairman and CEO, said. ‘The question about whether the world is going to global standards is no longer “if”, but “when”.'

‘We believe a single set of accounting standards used globally will benefit both companies and investors,’ Flynn said. ‘The KPMG IFRS Institute will increase awareness about IFRS and give a voice to each participant in the financial reporting process.

The Institute will hold its inaugural IFRS webcast on May 1. It will be hosted by KPMG partner Janice Patrisso, who has been named director of the IFRS Institute.

Further reading:

Key IASB project is 'not under-staffed'

Profile: Sir David Tweedie, setting the standards