The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world.
Its impact stretches far beyond accounting to affect every key business decision, not just how it is reported. Access to up-to-date knowledge, insights and timely advice is essential. As IFRS becomes the financial reporting language in many more countries, consistent interpretation and application becomes ever more vital.
source :http://www.ey.com/GLOBAL/content.nsf/International/Assurance_-_IAS_Overview
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