The California Society of CPAs said it would begin an educational initiative to help its 31,000 members cope with International Financial Reporting Standards.
IFRS has been on a road to convergence with U.S. generally accepted accounting principles. The Securities and Exchange Commission recently decided to allow foreign companies to file financial statements that comply with IFRS without needing to reconcile them with GAAP. The SEC has also proposed allowing U.S. companies to use IFRS.
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