As a result of the ongoing efforts of the FASB and IASB, U.S. generally accepted accounting principles and international financial reporting standards will both change profoundly and become more similar to each other over the next few years.

Those certainties stand in sharp contrast to the uncertainties of whether, how, and when U.S. companies might switch from using U.S. GAAP to using IFRS.

To address these uncertainties, CFO.com's Bruce Pounder employs scenario planning, which involves planning responses to possible future scenarios without focusing on how likely any scenario is to happen.

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