An IFRS Fable: The company that waited too long

Many U.S. companies are taking a wait-and-see stance and interpreting the switch from U.S. Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) as a matter of compliance rather than an opportunity to become more globally competitive by improving key internal processes. Even with more than 100 countries already using IFRS, U.S. companies seem to be waiting for the government to declare a definitive date for their mandate of IFRS reporting before they even approach the transition.