If Europeans and others can switch accounting standards in three years, how long will Americans need?
This is a hot topic in the accounting world as the US moves towards international financial reporting standards, or IFRS, and so towards dropping its own well-developed rules.
US acceptance of IFRS would be no small achievement, making it all but certain that a single set of accounting standards would be followed around the world.
European Union countries managed the change in three years, from 2002, when it was announced, to 2005, when the first financial statements in IFRS were required.
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