Making the transition to IFRS: The role of the audit committee
Most countries either have converted to or are converting to International Financial Reporting Standards (IFRS) and U.S. companies are taking notice.
Currently, IFRS is used for public reporting in more than 100 countries throughout the world. Other countries, namely Argentina, Brazil, Canada, Chile, India, Mexico, and South Korea, will follow in the next couple of years. Japan expects to decide by 2012 whether it will mandate the use of IFRS. Shortly, many of these countries will permit or require the use of IFRS for local statutory purposes.