IFRS Primer for Audit Committees

The movement toward a single set of high-quality global accounting standards for use by public companies around the world continues to gather momentum through market forces, even with the current noncommittal stance on the US Securities and Exchange Commission (SEC) proposed IFRS Roadmap. Audit committees need to gain an understanding of IFRS and contemplate the company's readiness. A recent AICPA Audit Committee Brief poses questions the audit committee should consider itself and questions it should discuss with management.