Noting the urgency and immensity of their task, global financial leaders are frantically making small and large changes to U.S. Generally Accepted Accounting Principles (GAAP) and international financial accounting standards (IFRS) to make them more similar, and the Securities and Exchange Commission has recently made a single set of standards a high priority.

With more than 100 countries already using the principles-based IFRS, the world is anxiously waiting to get the U.S. on board, but merging the two standards to eliminate their differences has been and will continue to be a monumental task.

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