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Interpretation and Aplication of International Financial Reporting Standards
International Financial Reporting Standards (IFRS) have received increased attention such signal events as endorsements by the International Organization of Securities Commissions (IOSCO) in 2000, by the Europian Union (2002, mandating universal adoption by publicity held companies in 2005), and by SEC (waiving reconciliation requirements for foreign private issuers using IFRS beginning in 2007, and establishing a \\\"road map\\\" for adoption by by U.S. public companies by 2016).\\r\\n\\r\\nWith further refinements to IFRS continuing to be made by the International Accounting Standards Board (IASB) - aided by work being performed pursuant to the \\\"convergence\\\" commitment made by the U.S. standard-setter, FASB and given the now virtually unstopable momentum worlwide to adopt (or, in some cases, adapt) IFRS, mastery of this knowledge is becoming a necessity for all preparers of financial statements. although only publicity held U.S. companies are facing an impending near-term mandate to convert to IFRS, many private companies already are encountering requests or demands from demands from major customers, suppliers, joint venture partners, and affiliates to provide financial reports prepared under IFRS. In all likelihood, replacement of U.S. GAAP by IFRS will become a reality for even privately held enterprises within the foreseeable term.
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