The Sarbanes-Oxley Act May Be Just the Tip of a Compliance Iceberg
P.J. Jakovljevic - February 26, 2007

More Financial Reporting Compliance

The Sarbanes-Oxley Act (SOX) might be only a tip of a "compliance iceberg" for many enterprises. Namely, International Financial Reporting Standards (IFRS) is another set of guidelines governing the financial statements of listed companies in Europe and other regions, which was introduced on January 1, 2005 (see Claudia Delto's 2005 article Checking It Twice -- Basel II, Sarbanes-Oxley Act, International Financial Reporting Standards). IFRS and International Accounting Standards (IAS) were created by the International Accounting Standards Board (IASB) to promote internationally comparable financial statements...