IFRS conversion promises change for CFOs & finance departments.

Wish you didn't have to do lease accounting using the strict Financial Accounting Standards Board (FASB) rules? Well, you may get your wish, and soon. But, it may be a case of not being thrilled with what you get. Lease accounting is not all that is changing.

Indeed, in a monumental move, accounting as it has been and is being taught in U.S. universities--according to U.S. generally accepted accounting principles (U.S. GAAP)--is going the way of the dinosaur.

It's converging with International Financial Reporting Standards (IFRS), the standards developed by the London-based International Accounting Standards Board (IASB). Those are currently being used to some degree by more than 100 countries around the world. Also, since being mandated in 2005 for European Union (EU) countries, U.S. multinationals ha...

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