Progress toward a set of global accounting standards is no longer a goal of the International Accounting Standards Board (IASB)—it is a reality, as many of the world’s largest capital markets require or permit the use of International Financial Reporting Standards (IFRS). Over 125 countries require publicly traded companies to apply IFRS, while many other jurisdictions permit the use of IFRS in some circumstances.

Why is IFRS relevant in the US, and for you?
Many multinationals corporations are headquartered across the U.S., so you could easily find yourself with a client subject to IFRS requirements, either for itself or a non-U.S. subsidiary.
You might increasingly find yourself structuring deals and transactions with IFRS counter-parties, including vendors and customers. Understanding the implications of structuring these transactions and reporting on them using IFRS will require you to have more than a passing knowledge of these standards.
As both FASB and IASB continue their standard-setting agendas, you’ll need to assess proposals and be concerned about divergence that could affect your financial reporting or audit responsibilities going forward.

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