Best start with IFRS and US GAAP – Many of the world’s capital markets now require IFRS, or some form thereof, for financial statements of public-interest entities.
The remaining major capital markets without an IFRS mandate are:
- The US, with no current plans to change Best start with IFRS and US GAAP
- Japan, where voluntary adoption is allowed, but no mandatory transition date has been established
- India, where regulatory authorities have made public statements about the intention to adopt from 2016-2017
- China, which intends to fully converge at some undefined future date
Continued global adoption affects multinational businesses, as additional countries permit or require IFRS for statutory reporting purposes and public filings. IFRS requirements elsewhere in the world also impact … Read more