IFRS: A New Accounting Standard for the U.S.

The International Financial Reporting Standards (IFRS) is a set of accounting standards that defines how to prepare financial reports for publicly traded companies (AICPA, 2008).  The United States is currently using Generally Accepted Accounting Principles (GAAP) and the SEC has approved a roadmap that would move the U.S. from GAAP to IFRS by 2014 (Epstein, 2008). IFRS is in use by about 113 countries, with Canada, India, Mexico, Japan, and the U.S. planning to go to it in the next several years.

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