Slowly but steadily, the Securities and Exchange Commission continues on the long journey toward adopting international tax and accounting standards, with the recent release of its long-anticipated roadmap.

The proposed roadmap is nothing less than a monumental undertaking. Its aim is to facilitate the switch of all U.S. companies from the rule-based, U.S. Generally Accepted Accounting Principles (GAAP) to the principle-based International Financial Reporting Standards (IFRS) currently used by more than 100 countries around the world.

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