A new report from PricewaterhouseCoopers helps valuation experts to be financially bilingual by examining the major differences between U.S. GAAP and the International Financial Reporting Standards (IFRS). It also provides insight into the level of change on the horizon.

Why it’s relevant: Currently, domestic public companies are neither required nor allowed to use IFRS. So why the focus on this? PwC explains: “IFRS requirements elsewhere in the world affect many U.S. companies—public or private, large or small—through cross-border, M&A activity, and due to the IFRS reporting demands of stakeholders outside the U.S. And the continued global adoption of IFRS means that the impact on multinational U.S. businesses will only grow stronger, as additional countries permit or require IFRS for statutory reporting purposes and public filings.”