More than 120 countries now require or permit the use of International Financial Reporting Standards (IFRS) or are converging with IFRS as issued by the International Accounting Standards Board (IASB 2011). The objective of the IASB is “to develop a single set of high-quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles” (IASB 2012a). This entails principles-based standards, where the various recognition, measurement, presentation, and disclosure principles of the standard are informed by concepts contained in the IASB's Conceptual Framework.

Given that more than 120 countries have or are in the process of transitioning to IFRS, global financial reporting is rapidly becoming a reality. It is therefore timely to reflect on the development, application, and implications of IFRS and their implications for accounting educators. It is crucial for the success of the global adoption of IFRS to build not only...

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