International Financial Accounting Migration non Public Accountable Companies
In my profession the big rock is the conversion requirements and preparation for moving to IFRS from a local GAAP. That local GAAP includes USGAAP and therefore the version of IFRS that we would move to will be a USGAAP inspired ethos. In Europe the differences between the GAAP applied to say United Kingdom and Ireland and Germany, and France is significant so that even an EU applied IFRS is probably going to have different treatments depending on that origin. Then we have Australian IFRS at least so we will always have at least two accounting operaitons in use for each company, being USGAAP IFRS and local GAAP IFRS and hopefully the methods will be very similar.