International Financial Reporting Standards / US GAAP

This publication summarises 50 of the complex accounting issues specific to the retail and consumer industry. The publication has been prepared with the US market in mind and highlights where US GAAP and IFRS may differ.

Global Sourcing: Shifting Strategies a survey of nearly 60 large retail and consumer goods companies in eight countries: Australia, Canada, China, France, Germany, India, the UK and the US. The report delivers thought-provoking findings. According to the survey, the practice of global sourcing in the retail and consumer sector is thriving, but many companies are not particularly clear on their cost savings or confident of product safety and other key risks. Cost is still the primary driver of global sourcing decisions. The report also contains practical recommendations on carbon footprint, supplier risk management, performance measurement and tax.

This publication, which is written primarily with retail and consumer companies in mind, will help clarify the impact of the interpretation, paving the way for a smooth transition.

The focus of the IFRS Retail & Consumer Industry Accounting Group is to provide technically reliable and commercially sound accounting advice to clients in the retail and consumer sectors.

CEOs in the retail sector appear to be slightly less confident about revenue CEOs in a cross-section of industries – only 44 percent are very confident as opposed to 50 percent overall.

Levels of confidence about revenue growth in this sector are very similar to the survey benchmark. However, the sector CEOs diverge somewhat when considering possible threats to their businesses.

The 4th biennial Global Economic Crime Survey
Retail and consumer industry supplement

The retail and consumer industry is one of the sectors hardest hit by economic crime, with more respondents reporting many more incidents than in other industries.

Each year the world’s most influential companies launch initiatives with the World Economic Forum to tackle the most complex challenges facing humanity. In 2007, the critical role businesses can play at preventing chronic disease was a key topic.