There is a famous headline here in the United Kingdom: “House fire in Cumberland; nobody hurt.”
At first glance, that same ho-hum sentiment could equally apply to Europe’s shift in 2003 from nation-based generally accepted accounting principles to a single system of International Financial Reporting Standards across the European Union. The headline: “7,500 listed companies change their accounting; nothing happens.” But that calm appearance belies significant activity companies must undertake to secure a smooth and uneventful transition from your local GAAP to IFRS.
