Course Summary
International Financial Reporting Standards (IFRS) are set by the International Accounting Standards Board (IASB) in London, the international equivalent of the U.S.’s Financial Accounting Standards Board (FASB). The FASB and the IASB have been working together toward convergence since 2002, and this will have a major impact on US GAAP and on the US financial reporting environment in the years ahead. In February 2010, the US Securities and Exchange Commission (SEC) released a Statement on Global Accounting Standards that paved the way for a probable 2011 decision on the …