Abstract
This article addresses the following key points: All listed companies in the European Union will be required to prepare their financial statements using International Financial Reporting Standards (IFRS), beginning in January. A recent study by Morgan Stanley found that over half of the European companies analyzed have given either poor or unsatisfactory disclosures about their IFRS transition progress. The most common and significant differences between local GAAP and IFRS are in financial instruments, goodwill amortization, stock compensation, and pensions.
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