IFRS in the United States: Challenges and Opportunities (International Financial Reporting Standards‪)‬

Executive Summary The establishment of a single set of high quality global accounting standards is a matter of growing importance as the participants in the ever increasingly integrated world capital markets demand comparability and transparency of financial reporting worldwide. International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. More than 12,000 public companies in over 100 countries have adopted IFRS, including listed companies in the European Union. Other countries, including Canada and India, are expected to transition to IFRS in 2011. In many countries, private companies also use IFRS for financial reporting.