The Ride to Going Global

The move to International Financial Reporting Standards (IFRS) is proceeding at full throttle. In November 2007, the SEC eliminated the requirement for non-US companies to reconcile their financial statements with US GAAP as long as they use IFRS as adopted by the International Accounting Standards Board (IASB). Many observers expect that as more companies outside the US use IFRS, US companies will feel added pressure to adopt IFRS to remain competitive in an increasingly global capital marketplace. (Read the CPA Journal article The Ride to Going Global: Slow Down for the Bumps.)