intermediate accounting International Financial Reporting Standards (IFRS)

Globalization is occurring rapidly. As economic and other interactions increase among countries, capital markets must providehigh-quality financial information. A need therefore exists for high-quality financial reporting standards that meet this objective.Fortunately, International Financial Reporting Standards (IFRS) has broad international acceptance, being used in some formby more than 115 countries around the world. One securities regulator noted that IFRS is best positioned to serve as the single setof high-quality accounting standards