IFRS: What You Need to Know Now

There’s been quite the industry buzz over an impending move to replace our country’s longstanding accounting practices. The debate involves our Generally Accepted Accounting Principles (GAAP)—the gold standard here in the U.S.—and a decision on whether to drop them in favor of the practices used by many countries around the world—the International Financial Reporting Standards (IFRS).

Heard of it? Most companies have, but few understand the implications of adoption or what it could mean to their businesses.