GAAP is out…IFRS is in.  At least that’s the plan according to the SEC.  We in the US are all about to get some schooling on how the rest of the world does accounting.  The SEC has outlined the roadmap for making the jump in the US to International Financial Reporting Standards (IFRS).  While the mandatory transition may seem far into the future with the broad transition to IFRS proposed to begin in 2014, the effects on US companies will begin years earlier. Thank goodness the SEC is giving us some time to get ready for the test.  This transition will not only be a major workout for US based corporate accounting departments, but IT departments will get in on the fun as well as they implement the methodology in their systems. (more…)

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