The International Financial Reporting Standards are now the required accounting rules for many businesses around the world. Lessons learned from recent conversions to IFRS extend well beyond the euro zone.
This year represents a major milestone for the International Financial Reporting Standards (IFRS), as many companies around the world have now begun to use this new financial language for their external reporting. In July 2002, the European Union (E.U.) passed a regulation that requires public European companies -- those listed on E.U. stock exchanges -- to comply with IFRS for their group financial statements in 2005. Since then, many countries outside of the European Union have begun working to converge their national accounting standards with IFRS or requiring the adoption of IFRS.
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