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In late November 2008, the Securities and Exchange Commission (SEC) released for comment its proposed roadmap of the steps required for conversion from US Generally Accepted Accounting Principles (US GAAP) to International Financial Reporting Standards (IFRS). Its release takes closer to a single set of high-quality, globally accepted accounting standards, but implementation of IFRS will require significant changes in business processes and systems in order to amend accounting treatment and satisfy reporting requirements.
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