What IIF is
IIF is QuickBooks Desktop's import and export format: tab-separated, with several tables interleaved in one file. A line starting with an exclamation mark defines the columns for a record type, and the data lines that follow begin with that type's keyword.
QuickBooks Desktop users, and the bookkeepers who have to move data into and out of it.
What SQL is
SQL here means the statements that move a table into a database: INSERT INTO with a VALUES list, and optionally the CREATE TABLE that defines the columns.
Anyone seeding a database, moving a spreadsheet into an application, or writing a migration.
What changes when you convert IIF to SQL
The largest table in the file is used, which is almost always the transactions. A typical export holds TRNS rows for the transactions and SPL rows for their split lines; those are two tables, not one, and combining them would produce a column layout that fits neither.
String values are escaped by doubling any single quote. Statements are written in batches so a large table does not become one statement megabytes long, which many clients refuse. Ask for CREATE TABLE as well and column types are inferred: a column stays INT until a value does not fit, then widens to DECIMAL, then to VARCHAR.
What carries over from IIF to SQL
SQL can express everything IIF holds about a table, so this conversion is about shape rather than loss.
SQL wants a type for each column, and IIF does not record one, so each column is typed from what its values look like. A column of digits that should stay text - a zip code, a phone number, a leading-zero id - is the usual thing to check afterwards.