When I started this blog, I did not plan on writing so much about accounting, but I follow the news flow. It seems like the EU and the US have come to a meeting of the minds in unifying accounting standards. It looks like the EU gave up the least in the compromise.
Though there are some ways that IFRS are better than GAAP, (more consistent in the way they treat financial assets and liabilities), I think that the change will make accounting slightly more opaque, and lower comparability, until all US firms are forced to use one standard or the other.
I do not look forward to having to study IFRS.