What is IFRS and What Does It Mean for In-House Counsel?


IFRS refers to International Financial Reporting Standards, a set of accounting standards used in more than 100 countries around the world. On August 27, 2008, the Securities and Exchange Commission (SEC) announced that it will be issuing a proposed “roadmap” to require U.S. public companies to use IFRS instead of U.S. Generally Accepted Accounting Principles (U.S. GAAP) in the preparation of their financial statements filed with the SEC. Haynes and Boone Partner Carrie Huff outlines what IFRS will mean for in-house counsel in her article which was first published by CorporateCounsel.net.  This article is the first of two articles on the topic.  To view the follow-up article, please click here.

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