IFRS: on your mark, set, go!

Generally accepted accounting principles (GAAP), an accounting regime that has served Canadian companies and investors well for 35 years, will disappear on January 1, 2011. International Financial Reporting Standards (IFRS) will take its place. Almost everyone says it is the biggest change in Canadian accounting since GAAP itself became the national standard in 1972. The transition to a single, international accounting language may be rife with challenges but it will deliver key benefits (Read the article "Global Standards.")