Whether the Securities and Exchange Commission (SEC) will allow or require U.S. public companies to use International Financial Reporting Standards (IFRS) is still unresolved. While the SEC deliberates, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) continue to work together to develop high-quality, compatible accounting standards for domestic and cross-border financial reporting. This course provides an in-depth examination of some of the most economically significant international accounting topics: revenue recognition, business combinations and impairments. The last part of the course provides an update on the issues and challenges of major current IASB projects.