IFRS - what does it stand for and what is it? Include dates and how it will affect businesses of all sizes; where it is and isn't affective now, how it compares to US GAAP

IFRS - what does it stand for and what is it? Include dates and how it will affect businesses of all sizes; where it is and isn't affective now, how it compares to US GAAP IFRS - what does it stand for and what is it?  Include dates and how it will affect businesses of all sizes; where it is and isn't affective now, how it compares to US GAAP - if less than 1/2 page will not receive full points