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What the Transition to IFRS Means for Young Professionals

Tuesday, March 15, 2011

As U.S.-based accountants look ahead to a transition from U.S. GAAP to International Financial Reporting Standards (IFRS), a general consensus is building both in boardrooms and among investors that a reliable set of worldwide accounting standards is indeed the ideal.

The Securities and Exchange Commission (SEC) has recommended a gradual transition toward IFRS beginning with large, accelerated filers with fiscal years ending after 12/15/2015 (three-year IFRS balance sheets would need to be presented from 2013-2015).

Young professional accountants need to get on the bandwagon with IFRS and embrace this transition as an opportunity to become experts in a field where many superiors may be less knowledgeable... Read More

Jeff Jardine – Accounting Web