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The Financially Bilingual Investor and Business

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The Financially Bilingual Investor and Business
United States Generally Accepted Accounting Principles (US GAAP), and International
Financial Reporting Standards (IFRS), are two financial reporting standards, whose importance
to the modern day investor can never be underestimated. Big corporations and small businesses,
alike who utilize these standards in their financial reporting also know us the importance
attached to mastering these two financial reporting standards. Accountants and auditors, more
than anyone else, know far too well the implications of the two reporting standards. It is due to
such relevance to investors, entities and accountants that the terms ‘financially bilingual’ come
through. By being financially bilingual, one is able to fluently communicate and understand
either standard.
There has never been any doubt about US GAAP remaining the most preferred
accounting basis in the United States. This is particularly true with small and private companies.
Given their ‘local’ presence, such companies have not for some time seen the relevance of IFRS
to their reporting. While to some extent this might be true, one can never write off the need for
IFRS in such firms. As a matter of fact, such business with the vision of future growth will at one
point want to change and conform. This, just but, stresses the need for fluency in both US GAAP
and IFRS.

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