Clients, potential clients, competitors, suppliers, and customers of CPAs prepare financial statements using IFRS. Companies have subsidiaries and/or joint ventures that use IFRS. Even SMEs (small and medium-size enterprises) are involved in global settings with suppliers and/or customers. IFRS is used in numerous instances in which accountants encounter the need to compare, contrast, and reconcile IFRS to U.S. GAAP. This article discusses why it is so crucial for CPAs to have proficiency in both U.S. GAAP and IFRS.