Even without a set conversion timeline from the SEC, IFRS has been affecting US companies for some time -- through business dealings with non-US customers and vendors, along with the continued adoption of IFRS for statutory purposes by non-US subsidiaries. In addition, US companies will experience an unprecedented change in accounting standards as key aspects of US GAAP and IFRS converge.
While retaining succinct, clear descriptions of the similarities and differences between the reporting methods and the subsequent impacts on companies, updates for 2010 include:
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