US financial reporting will undergo an unprecedented level of change within the next several years. On one hand, US companies face convergence between US GAAP and IFRS, affecting several major accounting standards. On the other hand, IFRS conversion warrants consideration. IFRS is already impacting business decisions, and not simply through non-US subsidiaries. Understanding both of these major changes, and their business and operational implications, is an imperative for US companies. US GAAP convergence & IFRS resources are available at PwC online, including PwC's 2011 US GAAP and IFRS convergence survey results.
