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An Executive's Guide for Moving from US GAAP to IFRS by Peter Walton

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Chapter 1

The Worldwide Move to IFRS

Anyone who had not been keeping an eye open for international developments in financial reporting over the last 5 years would have been astonished to listen to Christopher Cox on August 27, 2008. On that day, the Securities and Exchange Commission (SEC) chairman announced that the regulator was to set out a roadmap that could result in U.S. companies using International Generally Accepted Accounting Principles (GAAP) from 2014 onward.

If you did not know that Canada had decided in 2006 to switch to International GAAP in 2011, and Japan, Brazil, China, South Korea, and India were doing the same, you could well ask, how could that happen? The answer, in headline terms, is that it is a combination of two strands. ...

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