Overview
International Financial Reporting Standards (IFRS) is the framework used by most publicly traded companies in the world today to report their financial results. With support from important constituencies, the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) have taken first steps toward a transition to IFRS from the accounting and reporting framework currently in place in the US. Is the US really going to set aside US generally accepted accounting principles (US GAAP)? The answer is almost certainly yes. As this white paper shows, within a few years the SEC is likely to designate a date for mandatory adoption of IFRS by all US public companies.
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source: sdn. sap. com
Author: pwc