International accounting standards: Are you ready?

Goldberg, Steve; Williams, H. James
February 2009
Grand Rapids Business Journal;2/2/2009, Vol. 27 Issue 5, p20
The article analyzes the impact of international financial reporting standards (IFRS), which is expected to be implemented by the U.S. Securities and Exchange Commission by 2011, on firms with publicly traded shares and private U.S. companies. At issue is whether a rules-based or principles-based standards will better protect firms from lawsuits. Companies need to be familiar with the potential effects of switching from Generally Accepted Accounting Principles to IFRS and are required to evaluate their tax accounting methods when converting to IFRS.


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