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April 2009 » IFRS and Accountants' Liability
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Vincent J. Love, CPA, and John H. Eickemeyer, JD
With the advent of International Financial Reporting Standards' (IFRS) replacement of U.S. GAAP as the foundation for recording and reporting economic events for an enterprise, it is imperative to begin examining the possible effects of this change on legal actions against boards of directors, audit committees, management, accountants, auditors, and consultants. What happens when the switch occurs and the language of business is generally principles-based rather than heavily rules-based? Will the number of lawsuits change? Will the basis of claims change? How should the parties protect themselves from claims?
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