International Financial Reporting Standards (IFRS) is a set of accounting principles rapidly gaining worldwide acceptance. Published by the London-based International Accounting Standards Board (IASB), they are more focused on objectives and principles and less reliant on detailed rules than the U.S. GAAP.

The United States is nearly the only major market that has not yet adopted IFRS, but this may change. In August 2007, the SEC issued a “concept release” soliciting input on whether U.S. registrants should be permitted the option of preparing financial statements using IFRS or GAAP. The overwhelming majority supported having the option.

This paper introduces hedge funds and hedge fund service providers to IFRS and discusses:

• The major differences between IFRS and GAAP
• The potential impact of adopting the IFRS, including accounting standards
• Advent's Geneva® and its capabilities for supporting multiple accounting standards