International Financial Reporting Standards (IFRS)

Timothy Moxie, CPA and Jennifer Powers, CPA

Are you ready for IFRS?
The acceptance of International Financial Reporting Standards (IFRS) as the preferred method of financial reporting on a global level leaves U.S. companies and accounting firms with many fundamental changes that will transform their traditional accounting models. Approximately 113 countries permit or require the use of IFRS for the preparation of financial statements for publicly held companies with several others planning convergence in the next several years.