An Accounting Wake Up Call: Switching to IFRS versus the Real Risk to Small and Medium Businesses
If you are an accountant at a private company in the US, then be aware that change is in the air. New accounting standards based on IFRS, or International Financial Reporting Standards, may very well become your new statutory reporting reality. What does it mean? Where is it coming from? When is it happening? Does it mean you?
If you have not yet heard the chatter, IFRS is a specific, existing set of financial reporting standards developed and maintained by the International Accounting Standards Board. Here's a rundown on the real state of IFRS in the US: