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May 2009 » How CPAs Can Master XBRL
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Jianing Fang, PhD, CPA
Recently, the SEC mandated that the accounting profession undertake two daunting transitions: International Financial Reporting Standards (IFRS) and Extensible Business Reporting Language (XBRL). On November 14, 2008, the SEC issued a proposed road map to transition from U.S. Generally Accepted Accounting Principles (GAAP) to IFRS. Under this road map, large eligible filers, if approved by the SEC, would be permitted to switch to IFRS for fiscal years ending on or after December 31, 2009. After the SEC reviews and assesses the experience and achievement of these early adopters, the agency will decide whether to mandate IFRS for all filers. For now, the SEC is aiming to have large accelerated public issuers switch to IFRS in 2014, accelerated public issuers in 2015, and the rest in 2016.
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