In case you haven’t heard, there’s a big change in accounting standards getting ready to take place. Around about 2014, there will be “a single set of high-quality, understandable and International Financial Reporting Standards (IFRS) for general purpose financial statements.”
The change, driven by the Securities and Exchange Commission, is a big deal because it means that businesses will finally be using one consistent global standard to measure and report on their financial performance. It’s good for investors because they’ll be able to more easily compare the operations of global players, and, when all is said and done, it will be good news for global finance and accounting departments since they’ll only have to prepare one set of financial statements instead of the multiple iterations they do now.
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