Accountants of the world uniting in IFRS revolution

To date, more than 100 countries have abandoned their existing accounting practices in favour of IFRS, with more expected to do so. The shift is not simply a series of technical accounting changes but a cultural transformation as well. It is "one of the biggest revolutions in financial reporting in living memory," according to the foreword in a June 2007 KPMG report "IFRS: The Quest for a Global Language." The report assesses the impact of this upheaval through the experiences and thoughts of those involved.