The ever-increasing interconnectedness of the global economy and capital markets has accelerated the push for a single set of high quality global accounting standards. International Financial Reporting Standards (IFRS) are used as the primary accounting framework, or are in the process of being adopted, in more than 100 countries throughout the world, including nearly all significant capital markets outside of the United States. While the U.S. has not fully adopted IFRS, significant efforts continue to be made to converge from US accounting standards to IFRS for public and private companies.