Until recently, finance and accounting systems have varied between companies. Globalization, however, has pushed for the inevitable – with more businesses engaging in international activity, the need for consolidated accounting systems is stronger than ever. Globalization, the Sarbanes-Oxley Act, and the SEC adoption of international standards has been placing pressure on the U.S. and other countries to close gaps between International Financial Reporting Systems (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP).
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