Katrina Nacci, a cross-border accounting advisor with expertise in international M&A transactions, delves into the intricacies of converting accounting standards. She explains the critical differences between U.S. GAAP, IFRS, and local GAAP. Katrina emphasizes the necessity of thorough documentation and a knowledgeable internal team to streamline the conversion process. She also discusses the challenges companies face during this transition, particularly regarding currency considerations and the importance of maintaining a solid audit trail for compliance.