Task: The U.S. is scheduled to begin moving from Generally Accepted Accounting Principles (GAAP) to IFRS by 2014. At least three questions are worth discussing:
1. How do GAAP and IFRS differ?
2. What might the consequences be for financial managers, apart from financial reporting / controllers?
3. The IFRS move was the creation of the SEC under Christopher Cox (a Bush appointee). Mary Schapiro, the current head, may defer the implementation. Should she?
I have seen comments on CFO.com and elsewhere that early knowledge of IFRS might be a career-enhancing asset. Do you agree?