INTRODUCTIONInternational Financial Reporting Standards(IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.IFRS, with the exception ofIAS 29 Financial Reporting in Hyperinflationary EconomiesandIFRIC 7 Applying the Restatement Approach under IAS 29, are authorized in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorized in terms of the constant purchasing power paradigm.IFRS began as an attempt to harmonize accounting across the European Union but the value of harmonization quickly made the concept attractive around the world. They are sometimes still called by the original name ofInternational Accounting Standards(IAS). IAS were issued between 1973 and 2001 by the Board of theInternational Accounting Standards Committee(IASC). On 1 April 2001, the newInternational Accounting Standards Board(IASB) took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards.

HISTORYIn 1973, an organization known as the International Accounting Standards Committee(IASC) was formed to address the need for standards that could be used by smaller nations increating their own accounting standards. This group was succeeded by the InternationalAccounting Standards Board (IASB) in 2001. The IASB is based in London and is the privatesector standard setting body for non-government and not-for-profit entities. All fifteen membersare selected based on technical skills and background from many different countries. At thistime, four of the members are American. Two of the sitting members are always part-time. TheIASB is primarily funded by fundraising activities. One of the challenges facing the conversionto IFRS is ensuring that the IASB has a stable source of funds for the future. The primarypurpose of the IASB is to promulgate IFRS. The governance structure is very similar to theFinancial Accounting Standards Board (FASB) in the United States. The IASB reports directlyto the IASC Foundation. The sitting IASB Chair is Sir David Tweedie and the sitting IASCFoundation Chair is Gerrit Zalm (AICPA, backgrounder, 12/11/08, AICPA, online video12/09/08).As a result of growth of global markets, the desire of multinational companies for one setof financial statements, and the demand for one common global reporting language, the FASBand the IASB issued the Norwalk Agreement in 2002. This agreement marked their commitmentto develop a single set of high quality standards that would decrease cost, increase efficiency andprovide better information for investors. Beginning in 2005, the European Union required itslisted companies to prepare consolidated financial statements under IFRS. During 2006, theFASB and the IASB embarked on a number of joint major projects. Two actions by theSecurities and Exchange Commission (SEC) during 2007 accelerated the timeframe of potentialconversion from GAAP to IFRS. In November, an SEC Final Release allowed foreign filers inthe U.S. to prepare for submission financial statements in accordance with IFRS without areconciliation to GAAP. A Concept Release was then issued in December by the SEC seekingfeedback on allowing all U.S. public companies the option of using IFRS instead of GAAP.When the AICPA Council updated Rule 203 of the Code of Professional Conduct in May of2008 to recognize the IASB as an international accounting standard setter, all private companiesand not-for-profit entities were given the option of following IFRS (AICPA, backgrounder,12/11/08, AICPA, online video, 12/09/08).IFRS, as it is known today, consists of nine IFRS and forty-one IAS, of which some havebeen superseded. As with the FASB, a strict code of due diligence is employed during thepromulgation process. When IASB considers issuing a new standard, they often use previousFASB debates on the same topics (AICPA online video, 12/09/08). Today, more than 12,000companies in almost a hundred countries have adopted IFRS. These countries either require orpermit IFRS as the basis for financial statement preparation by public companies. Most of thecountries have local standards that are based on IFRS. Those countries that have adopted IFRSinclude Australia, New Zealand, Israel, Canada, and the European Union states. Japan hasadoption efforts underway for the near future (AICPA backgrounder, 12/11/08).

ADVANTAGES AND DISADVANTAGESThere are many advantages and disadvantages of converting from GAAP to IFRS.ADVANTAGESThe use of one common global reporting language (Flynn, 2008).It will allow for comparability over all financial markets, regardless of the country oforigin (Flynn, 2008).Investors will have better information for decision making (SEC, 2008).Companies will have more flexibility for applying accounting principles. IFRS is moreprinciples based, whereas GAAP is more rules based. Transactions will be required to bereported using substance over form criteria. More professional judgment will beexercised which will lead to better disclosure to support those judgments (Flynn, 2008).There is the potential for reduced financial reporting complexity, especially for large,multinational companies that currently prepare many different sets of financial statementsin many different forms (Flynn, 2008).All levels of management, including the audit committee, will have to be more involvedin financial reporting and aware of transactions (AICPA online video, 12/09/08).In the end, companies should be more efficient and have the advantage of cost-savings(AICPA online video, 12/09/08).

DISADVANTAGESSmall companies that have no dealings outside of the United States have no incentive toadopt IFRS unless mandated (Olson, 2008).Incompatibility may arise as companies claim to have converted to IFRS but in realityhave only selected the portions that best fit their needs (Olson, 2008).There is an extremely high price-tag the SEC estimates the costs for issuers oftransitioning to IFRS would be approximately $32 million per company and relate to thefirst three years of filings on Form 10-K under IFRS. Total estimated costs for theapproximately 110 issuers estimated to be eligible for early adoption would beapproximately $3.5 billion (SEC, 2008).Although it is unlikely, Commissioners have three years to change their minds. Adefinite decision will not be made until 2011. There is no incentive for early adoptiondue to the fact that it could be a colossal waste of time and resources. Also, companieswould be required to have two sets of records, one GAAP, one IFRS, during this time justin case IFRS is not adopted (Johnson & McCann, 2008).Many feel that during this financial crisis that the world is currently experiencing, aconversion of this magnitude is too much to ask of executives and management (IFRS,2008).A minimum of two years of financial information prior to conversion would need to bemaintained on two sets of books, both GAAP and IFRS, to meet the requirement offinancial statements to contain three years of financial data (IFRS, 2008).Preparing for internationalIn spite of the many disadvantages of converting to IFRS, this appears to be the path theUnited States is on. Ultimately, the hope is that by converting to IFRS, all of the aboveadvantages will come to fruition in a single set of high quality standards that would decreasecost, increase efficiency and provide better information for investors.

OBJECTIVES OF IFRSFinancial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management's stewardship of the resources entrusted to it.[1]To meet this objective, financial statements provide information about an entity's: (a) assets; (b) liabilities; (c) equity; (d) income and expenses, including gains and losses; (e) contributions by and distributions to owners in their capacity as owners; and (f) cash flows. This information, along with other information in the notes, assists users of financial statements in predicting the entity's future cash flows and, in particular, their timing and certainty.[2]The following are the general features in IFRS: Fair presentation and compliance with IFRS:Fair presentation requires the faithful representation of the effects of the transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Framework of IFRS.[3] Going concern:Financial statements are present on a going concern basis unless management either in tends to liquidate the entity or to cease trading, or has no realistic alternative but to do so.[4]

Accrual basis of accounting:An entity shall recognise items as assets, liabilities, equity, income and expenses when they satisfy the definition and recognition criteria for those elements in the Framework of IFRS.[5] Materiality and aggregation:Every material class of similar items has to be presented separately. Items that are of a dissimilar nature or function shall be presented separately unless they are immaterial.[6] OffsettingOffsetting is generally forbidden in IFRS.[7]However certain standards require offsetting when specific conditions are satisfied (such as in case of the accounting for defined benefit liabilities in IAS 19[8]and the net presentation of deferred tax liabilities and deferred tax assets in IAS 12[9]). Frequency of reporting:IFRS requires that at least annually a complete set of financial statements is presented.[10]However listed companies generally also publish interim financial statements (for which the accounting is fully IFRS compliant)for which the presentation is in accordance with IAS 34Interim Financing Reporting. Comparative information:IFRS requires entities to present comparative information in respect of the preceding period for all amounts reported in the current period's financial statements. In addition comparative information shall also be provided for narrative and descriptive information if it is relevant to understanding the current period's financial statements.[11]The standard IAS 1 also requires an additional statement of financial position (also called a third balance sheet) when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements. This for example occurred with the adoption of the revised standard IAS 19 (as of 1 January 2013) or when the new consolidation standards IFRS 10-11-12 were adopted (as of 1 January 2013 or 2014 for companies in the European Union).[12] Consistency of presentation:IFRS requires that the presentation and classification of items in the financial statements is retained from one period to the next unless: (a) it is apparent, following a significant change in the nature of the entity's operations or a review of its financial statements, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in IAS 8; or (b) an IFRS standard requires a change in presentation.[13]The objective of this IFRS is to require entities to provide disclosures in theirfinancial statements that enable users to evaluate:(a) the significance of financial instruments for the entitys financial positionand performance; and(b) the nature and extent of risks arising from financial instruments to whichthe entity is exposed during the period and at the reporting date, and howthe entity manages those risks.2 The principles in this IFRS complement the principles for recognising,measuring and presenting financial assets and financial liabilities in IAS 32

ELEMENTS OF FINANCIAL STATEMENTSThe elements directly related to the measurement of thestatement of financial positioninclude: Asset: An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Liability: A liability is a present obligation of the entity arising from the past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits, i.e. assets. Equity: Equity is the residual interest in the assets of the entity after deducting all its liabilities.[14]The financial performance of an entity is presented in thestatement of comprehensive income, which consists of the income statement and the statement of other comprehensive income[15](usually presented in two separate statements). Financial performance includes the following elements (which are recognised in the income statement or other comprehensive income as required by the applicable IFRS standard): Revenues: increases in economic benefit during an accounting period in the form of inflows or enhancements of assets, or decrease of liabilities that result in increases in equity. However, it does not include the contributions made by the equity participants (for example owners, partners or shareholders). Expenses: decreases in economic benefits during an accounting period in the form of outflows, or depletions of assets or incurrences of liabilities that result in decreases in equity. However, these don't include the distributions made to the equity participants.[16]Results recognised in other comprehensive income are limited to the following specific circumstances: Remeasurements of defined benefit assets or liabilities (as defined in the standard IAS 19)[17] Increases or decreases in the fair value of financial assets classified as available for sale (with the exception of impairment losses)(as defined in the standard IAS 39)[18] Increases or decreases resulting from the application of a revaluation of property, plant and equipment[19]or intangible assets[20] Exchange differences resulting from the translation of foreign operations (subsidiary, associate, joint arrangement or branch of a reporting entity, the activities of which are conducted in a country or currency other than those of the reporting entity[21]) according to the standard IAS 21[22] the portion of the gain or loss on the hedging instrument in a cash flow hedge (or a hedge of a net investment in a foreign operation, as this is accounted similarly[23]) that is determined to be an effective hedge[24]

Thestatement of changes in equityconsists of a reconciliation of the changes in equity in which the following information is provided: total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests; for each component of equity, the effects of retrospective application or retrospective restatement recognised in accordance with IAS 8; and for each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period, separately disclosing changes resulting from: profit or loss; other comprehensive income; and transactions with owners in their capacity as owners, showing separately contributions by and distributions to owners and changes in ownership interests in subsidiaries that do not result in a loss of control.[25]Statement of Cash Flows Operating cash flows: the principal revenue-producing activities of the entity and are generally calculated by applying the indirect method, whereby profit or loss is adjusted for the effects of transaction of a non-cash nature, any deferrals or accruals of past or future cash receipts or payments, and items of income or expense associated with investing or financing cash flows.[26] Investing cash flows: the acquisition and disposal of long-term assets and other investments not included in cash equivalents. These represent the extent to which expenditures have been made for resources intended to generate future income and cash flows. Only expenditures that result in a recognised asset in the statement of financial position are eligible for classification as investing activities.[27] Financing cash flows: activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. These are important because they are useful in predicting claims on future cash flows by providers of capital to the entity.[28]Notes to the Financial Statements: These shall (a) present information about the basis of preparation of the financial statements and the specific accounting policies used;(b) disclose the information required by IFRSs that is not presented elsewhere in the financial statements; and (c) provide information that is not presented elsewhere in the financial statements, but is relevant to an understanding of any of them.[29]

IFRS IMPLEMENTATIONBackgroundAt the beginning of 2005, an unprecedented number of enterprises and countries around the world adopted International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as their basis for preparing financial statements.Following this widespread international adoption of IFRS, it has become clear that various stakeholders, including regulators, preparers, users and auditors continue to encounter practical implementation challenges. These challenges typically relate to issues of institutional development, enforcement and the capacity for technical implementation.In light of this situation, ISAR has recognized that IFRS implementation is an important long term process that could benefit from additional study and sharing of experiences.ObjectivesThe aim of UNCTADs work in this area is to assist developing countries and countries with economies in transition to improve their financial accounting and reporting practices in order to better attract investment and better manage existing resources.The objective of UNCTADs research on IFRS implementation is to draw lessons learned on the practical issues of IFRS implementation and to share these lessons with member States that are either implementing IFRS or that are considering doing so in the future.OutcomeSince the22nd session of ISAR, the Secretariat has conducted a number of country level case studies on IFRS implementation. These country case studies have culminated in the 2008 UNCTAD publication Practical implementation of international financial reporting standards: Lessons learned. This publication incorporates the case studies presented to ISAR at the 23rd and 24th sessions (see below for details). The publication includes an overview of the case studies that identifies key institutional, enforcement and technical issues, and presents lessons learned from the various country experiences.The work on IFRS implementation continued in 2008 with new case studies. For the25th session of ISAR, four case studies were developed coveringEgypt,Poland,Switzerlandand theUnited Kingdom of Great Britain and Northern Ireland.In 2007 for the24th session of ISAR, three case studies were developed coveringPakistan,South AfricaandTurkey, along with asummary reportidentifying the main issues that emerged in the case studies.In 2006 for the23rd session of ISAR, five case studies were conducted coveringBrazil,Germany,India,Jamaica, andKenya, along with asummary reportof the main issues.UNCTADs work on IFRS implementation began in 2005 during the22nd session of ISARwith ageneral overviewof the practical issues surrounding IFRS implementation.Note that the case studies, summary reports and the 2005 overview are available in all six official UN languages: the non-English versions can be downloaded from theISAR documentspage for each session.Ongoing ActivitiesIn partnership with other international organisations, academic institutions and accounting experts around the world, UNCTAD continues to build a collection of relevant case studies on the practical issues of IFRS implementation. The Secretariat continues to disseminate this information and to provide expert commentary on this subject at conferences around the world. Organisations wishing to learn more about the work of UNCTAD in this area are welcome to contact us atisar@unctad.org.

INTERNATIONAL FINANCIAL REPORTING STANDARDS

#NameIssued

IFRS 1First-time Adoption of International Financial Reporting Standards2008*

IFRS 2Share-based Payment2004

IFRS 3Business Combinations2008*

IFRS 4Insurance Contracts2004

IFRS 5Non-current Assets Held for Sale and Discontinued Operations2004

IFRS 6Exploration for and Evaluation of Mineral Assets2004

IFRS 7Financial Instruments: Disclosures2005

IFRS 8Operating Segments2006

IFRS 9Financial Instruments2013*

IFRS 10Consolidated Financial Statements2011

IFRS 11Joint Arrangements2011

IFRS 12Disclosure of Interests in Other Entities2011

IFRS 13Fair Value Measurement2011

IFRS14Regulatory Deferral Accounts2014

INTERNATIONAL ACCOUNTING STANDARDS

#NameIssued

IAS1Presentation of Financial Statements2007*

IAS2Inventories2005*

IAS 3Consolidated Financial StatementsSuperseded in 1989 by IAS 27 and IAS 281976

IAS 4Depreciation AccountingWithdrawn in 1999

IAS 5Information to Be Disclosed in Financial StatementsSuperseded by IAS 1 effective 1 July 19981976

IAS 6Accounting Responses to Changing PricesSuperseded by IAS 15, which was withdrawn December 2003

IAS7Statement of Cash Flows1992

IAS8Accounting Policies, Changes in Accounting Estimates and Errors2003

IAS 9Accounting for Research and Development ActivitiesSuperseded by IAS 39 effective 1 July 1999

IAS10Events After the Reporting Period2003

IAS11Construction Contracts1993

IAS12Income Taxes1996*

IAS 13Presentation of Current Assets and Current LiabilitiesSuperseded by IAS 39 effective 1 July 1998

IAS14Segment ReportingSuperseded by IFRS 8 effective 1 January 20091997

IAS 15Information Reflecting the Effects of Changing PricesWithdrawn December 20032003

IAS16Property, Plant and Equipment2003*

IAS17Leases2003*

IAS18Revenue1993*

IAS19Employee Benefits(1998)Superseded by IAS 19 (2011) effective 1 January 20131998

IAS19Employee Benefits(2011)2011*

IAS20Accounting for Government Grants and Disclosure of Government Assistance1983

IAS21The Effects of Changes in Foreign Exchange Rates2003*

IAS 22Business CombinationsSuperseded by IFRS 3 effective 31 March 20041998*

IAS23Borrowing Costs2007*

IAS24Related Party Disclosures2009*

IAS 25Accounting for InvestmentsSuperseded by IAS 39 and IAS 40 effective 2001

IAS26Accounting and Reporting by Retirement Benefit Plans1987

IAS27Separate Financial Statements(2011)2011

IAS27Consolidated and Separate Financial StatementsSuperseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 20132003

IAS28Investments in Associates and Joint Ventures (2011)2011

IAS28Investments in AssociatesSuperseded by IAS 28 (2011) and IFRS 12 effective 1 January 20132003

IAS29Financial Reporting in Hyperinflationary Economies1989

IAS 30Disclosures in the Financial Statements of Banks and Similar Financial InstitutionsSuperseded by IFRS 7 effective 1 January 20071990

IAS31Interests In Joint VenturesSuperseded by IFRS 11 and IFRS 12 effective 1 January 20132003*

IAS32Financial Instruments: Presentation2003*

IAS33Earnings Per Share2003*

IAS34Interim Financial Reporting1998

IAS 35Discontinuing OperationsSuperseded by IFRS 5 effective 1 January 20051998

IAS36Impairment of Assets2004*

IAS37Provisions, Contingent Liabilities and Contingent Assets1998

IAS38Intangible Assets2004*

IAS39Financial Instruments: Recognition and MeasurementSuperseded by IFRS 9 where IFRS 9 is applied2003*

IAS40Investment Property2003*

IAS41Agriculture2001

CHALLENGES1. Amendments in Regulations Regulatory Guidelines: The SEBI has also prescribed guidelines for listed companies with respect to presentation formats for quarterly and annual results and accounting for certain transactions, some of which are not in accordance with IFRS. For example, Clause 41 of the Listing Agreement allows companies to publish and report only standalone quarterly financial results, however IFRS considers only consolidated financial statements as the primary financial statements for reporting purpose.2. Amendments in Regulations Court procedures: Apex courts in India approve accounting under amalgamation /restructuring schemes, which may not be in accordance with the accounting principles/standards. Under the current accounting/ legal framework such legally approved deviations from the accounting standards are acceptable. Such approved deviations may not be in line with the IFRS.3. IT System Changes Conversion to IFRS will require extensive upgrades or total replacement of major system. Various ERP applications, to be enhanced, upgraded or replaced. For example, ERP modules such as inventory (IFRS does not LIFO method), asset management (Depreciation accounting and asset valuation), reporting (three years of comparative financial information) project accounting and purchasing may require configuration modifications, and every modification to an application may affect others.4. IT System Changes Certain IT applications other than ERP may require changes such as software for management reporting, regulatory compliances, financial analytics, etc. It is likely that new GL accounts will have to be established and embedded appropriately in upstream and downstream systems or related ERP sub-modules.5. Determine the Impact Due to the significant differences between Indian GAAP and IFRS, adoption of IFRS is likely to have a significant impact on the financial position and financial performance of most Indian companies. Major are which will impact are inventory, asset management, taxation including deferred tax, financial reporting, project accounting and purchasing, etc.6. Determine the Impact Conversion from Indian accounting standards with IFRS will have an impact on some fundamental accounting practices followed in India as mentioned below: Fair value concept, Substance over form, Financial disclosures, Restatement of financial statements, Determination of functional currency, and Other aspects7. Determine the Impact Most aspects of the business can be The adoption of IFRS affects more than a companys accounting policies, processes, and people. Ultimately, most aspects of a companys business and operations are affected: affected potentially. Processes and systems Operations Tax Treasury Examples include impact on: Debt covenants Compensation plans Revenue contracts Joint ventures and alliances Investor communication Source: ASSOCHAM Master Class On IFRS8. Determine the Impact Financial disclosures Financials are disclosed in line with Schedule V1 of Companies Act and which differs that IFRS. IFRS is more focused on qualitative information for the stakeholders such as terms of related party transactions, risk management policies, currency exposure for the entity with sensitivity analysis, etc. Schedule V1 emphasized more on quantitative information such as sales quantity, amount of transaction with related parties, production capacities, CIF value of imports and income and expenditure in foreign currency, etc.9. Determine the Impact Restatement of financial statements Financials are disclosed in line with Schedule V1 of Companies Act and which differs that IFRS. IFRS is more focused on qualitative information for the stakeholders such as terms of related party transactions, risk management policies, currency exposure for the entity with sensitivity analysis, etc. Schedule V1 emphasized more on quantitative information such as sales quantity, amount of transaction with related parties, production capacities, CIF value of imports and income and expenditure in foreign currency, etc.10. Determine the Impact Determination of functional currency India entities prepare their financial statements in Indian rupees. However, under IFRS, entities need to measures its assets, liabilities, revenues and expenses in its functional currency. Functional currency is the currency that best reflects the economic substance of the underlying events and circumstances relevant to the entity11. Determine the Impact Other aspects Preference share capital of company is reported as part of the shareholders fund. However, IFRS does not consider it as part of shareholders fund. Hence, it may significantly impact the net worth of companies that have issued preference shares. India entities prepare their financial statements in Indian rupees. Such companies may get into a situation after implementing IFRS that their net worth either may significantly reduced or get negative. India GAAP requires provisions for proposed dividend even declared after the balance sheet date. IFRS Under IFRS, liability of dividends is recorded in the period in which it is declared.

CONCLUSIONThe convergence process that may ultimately lead to the conversion of GAAP to IFRShas been underway for several years. The culmination of these efforts is expected beginning in2014. Regardless of the many advantages and disadvantages of the conversion, IFRS appears tobe the reportingO standard that will be required for the future. As indicated from the surveyspresented, both the profession and academia are not prepared. All accountants must preparethemselves and become fluent in IFRS, along with GAAP. The impact on the accountingclassroom is potentially great. Todays students must be made aware of IFRS, its principles, andits impact on the accounting world as we know it.

REFERENCESAICPAs International Financial Reporting Standards (IFRS): An AICPA Backgrounder. (n.d.)Retrieved December 11, 2008 fromhttps://media.cpa2biz.com/Publication/IFRS/1924_IFRS_Backgrounder_v3_web_FINAL_06-09-08.pdfAICPAs International Financial Reporting Standardsan Overview: Online Video Series.(n.d.) Retrieved December 9, 2008 from http://www.ifrs.com/states_society.htmlAICPAs IFRS Preparedness Survey Results. (n.d.) Retrieved December 17, 2008, fromhttp://www.aicpa.org/Press/PressReleases/2008/DownloadableDocuments/IFRS_Poll_Results.pdfCole, M. (November 25, 2008). Only a third of U.S. companies have prepped for IFRS.Retrieved December 9, 2008 fromhttp://www.financialweek.com/apps/pbcs.dll/article?AID=/20081125/REG/811259964/1036DeFelice, A. & Lamoreaux, M. (February 24, 2010). No IFRS Requirement Until 2015 or LaterUnder New SEC Timeline. Retrieved April 27, 2010 fromhttp://www.journalofaccountancy.com/Web/20102656.htmFlynn, T. (September 4, 2008). US warming to IFRS as it moves on from GAAP. RetrievedDecember 9, 2008 from http://www.ft.com/cms/s/0/e944709e-7a19-11dd-bb93-000077b07658.html?nclick_check=1Preparing for internationalIFRS price tag spooking a whole lot of finance execs. (November 19, 2008). Financial Week.Retrieved December 16, 2008 fromhttp://www.financialweek.com/apps/pbcs.dll/article?AID=/20081119/REG/811199989/1036Johnson, R. & McCann, D. (November 17, 2008). Wrinkles in the IFRS Roadmap. RetrievedDecember 11, 2008 from http://www.cfo.com/article.cfm/12625999?f=alertsNilsen, K. (December 1, 2008). On the verge of an academic revolution: how IFRS is affectingaccounting education. Retrieved December 9, 2008 fromhttp://www.journalofaccountancy.com/Issues/2008/Dec/OnTheVergeOfAnAcademicRevolution.htm?action=printOlson, S. (November 21, 2008). Firms Preparing for New Standards. Retrieved December 9,2008 from http://www.ciotoday.com/story.xhtml?story_id=11100AYSS1TF&page=1&full_skip=1SEC Road Map for Transition to IFRS Available. (November 16, 2008). Journal ofAccountancy. Retrieved December 9, 2008 fromhttp://www.journalofaccountancy.com/Web/RoadMapforTransitiontoIFRSAvailable.htmUniversity Professors Weigh In On Building IFRS Into Curricula: Small Number Of UniversitiesWill Be Ready For 2008-2009 Academic Year, According To KPMG-AAA Survey.(September 4, 2008). Retrieved December 11, 2008 from http://www.examiner.com/p-221440~University_Professors_Weigh_in_on_Building_IFRS_Into_Curricula__Small_Number_of_Universities_Will_be_Ready_for_2008_2009_Academic_Year__According_to_KPMG_AAA_Survey.html

28