When Accounting Finally Becomes Global

Jeffrey C. Thomson

Within the last 50 years, the accounting and finance profession has essentially been reinvented. Advances in technology have moved the profession from pencil and paper to electronic information. At the same time, the demands on businesses have changed, placing increased importance on accurate financial reporting. During this period, individual countries have begun using accounting methods that work well within their particular regulatory structure. Today, more than 100 countries are using the financial reporting system commonly known as International Financial Reporting Standards (IFRS), which was developed by the International Accounting Standards Board (IASB).