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March 2010 » Auditing Considerations in an IFRS...
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Joseph M. Langmead, STD, MBA, CPA, and Alfred R. Michenzi, PhD
As business and economic globalization continues to march forward, accounting and auditing are inevitably changing apace. The widespread adoption of the international Accounting Standards Board's (IASB) International Financial Reporting Standards (IFRS) around the world has led to the point where the SEC is planning for its potential adoption in the united States (see “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers,” Proposed SEC Rule, November 14, 2008). While public companies will thus be the first required adopters, the experience of other countries indicates that private entities and even not-for-profits may eventually see IFRS replace U.S. generally accepted accounting principles (GAAP). Indeed, IFRS is already an alternative accounting model for such entities in the United States.
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