International Financial Reporting Standards (IFRS) has gained significant currency in the last few years as a result of the European Union's efforts to establish a single GAAP basis for all member countries. IFRS is rapidly becoming the world's global financial reporting language with China and Canada announcing their intent to adopt these standards. With a substantial portion of the world committed to using IFRS, US private equity funds that operate globally can no longer afford to ignore its impact. Differences between IFRS and US GAAP treatments will affect deal structuring, due diligence and post-acquisition analysis.
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