Given the tough economy, a new mandate for XBRL technology, and calls for fundamental U.S. regulatory changes, for some people the Securities and Exchange Commission’s roadmap to move from U.S. Generally Accepted Accounting Principles to International Financial Reporting Standards (IFRS) barely rates a drop in our pool of awareness.
At least, not on first glance—after all, conventional wisdom holds that the move from GAAP’s rules-based approach to the principles-based IFRS will not require much more than a little accounting work, right?
