Much of the world has declared that International Financial Reporting Standards (IFRS) is the standard of choice and has either adopted it or committed to transition to it. Now, all heads are turned to the United States. U.S. companies are well-advised to begin understanding and assessing now the impact of a change from U.S. Generally Accepted Accounting Principles (U.S. GAAP) to IFRS.
Amid the uncertainty as to timing, one thing is clear: Companies, both large and small, are going to need sufficient time to prepare for the transition. This issue considers the issues and the ramifications of transitioning from country-specific GAAP to IFRS.