Global financial reporting is currently undergoing its greatest change in thirty years. Close to a hundred countries worldwide, including the entire European Union, now either require the use of International Financial Reporting Standards (IFRSs) by at least all listed companies or are aligning their national standards

with IFRSs. This means that the global capital markets are on the threshold of having only two major financial reporting regimes: US Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards – a statement that would have been considered astonishing even a decade ago, yet today seems not only obvious, but normal.