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Guide to International Financial Reporting Standards: Frequently Asked Questions, Second Edition
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International Financial Reporting Standards (IFRS) are the principles-based financial reporting requirements adhered to by more and more countries worldwide, with conversion to these standards well underway in many nations, including Canada and Japan. We believe that IFRS will come to the United States, although the timing is uncertain. It may occur more through convergence than conversion. In February 2010, the U.S. Securities and Exchange Commission (SEC) approved a timeline that envisions 2015 as the earliest possible date for the required use of IFRS by U.S. public companies. The SEC action calls for more study of IFRS and a 2011 vote on whether to move ahead with a mandate to use IFRS.
Without question, the transition under consideration by the SEC will have far-reaching ramifications for companies, affecting not just external financial reporting, but business strategies and policies, business processes, people and resources, internal reporting, methodologies and financial reporting systems and underlying data. To assist organizations with this pending transition and provide answers and guidance to some of the many resulting questions, Protiviti has published a second edition to the Guide to International Financial Reporting Standards.
The IFRS guide includes an overview of the standards and the many transition-related challenges that must be addressed; a specific look at IFRS in the United States; and reviews of IFRS in Canada and Japan, where the adoption of IFRS is well underway.
Download Guide to International Financial Reporting Standards (PDF); please disable your pop up blocker (requires Acrobat Reader)
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