August 8, 2007
Interesting perspective on IFRS/IAS from KPMG-UK
Joel Vander Weele wrote this just before lunchtime:
Until recently, I personally had little experience with International Financial Reporting Standards (IFRS). It is clear that US accountants and CPM practitioners are going to have to understand how the rest of the world measures corporate performance. We need to learn from the European experience.
European companies had to face a massive transitions from National GAAP to IFRS standards within 12 months….the transition went better than expected. The link below points to a very interesting PDF assembled by KPMG - United Kingdom regarding this process. When will the US change over?
http://www.kpmg.co.uk/pubs/307-535_IFRS.pdf
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