IFRS shift could transform accounting to emphasize narrative

03/29/2009 | CFO.com

Speakers at the CFO Rising conference indicated that shifting from rules-based Generally Accepted Accounting Principles to International Financial Reporting Standards may require financial executives to improve their narrative skills. David Sherman, an accounting professor at Northeastern University, said it would be difficult for an independent auditor to challenge a solid story based on strong principles. However, Sherman also said that financial statement footnotes will include the details that GAAP required. "It means you get a lot more clarity," he said.

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