AICPA - IFRS Primer for Audit Committees

According to the AICPA, convergence of US GAAP with IFRS is happening. In addition, there is a possibility that the SEC will give US companies an option to follow IFRS rather than US GAAP, or require them to switch to IFRS, before convergence is achieved. Audit committees should anticipate this significant change and inquire of the CEO and CFO as to the readiness of the company and their implementation plan for moving to IFRS if/when required. (Visit the AICPA IFRS Resources or read the AICPA IFRS Primer for Audit Committees.)