Over the last year or so there has been widespread debate about IFRS (International Financial Reporting Standards) replacing US GAAP (Generally Accepted Accounting Principles), but how close are we and what does it really mean? Are we really about to see a single worldwide accounting standard applied in every major market?
IFRS - One world, one standard – almost a reality?
• Duties now cost 1.24% of $8.3tn in G8 imports
• ‘Trump tariffs’ on steel, aluminium could see duties rise even further