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Advantages and Disadvantages of International Financial Reporting Standards (IFRS)

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What are some of the reasons for and against the U.S. adopting international financial reporting standards (IFRS). Use at least 200 words and cite any sources in APA format.

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Solution Summary

The majority of the world uses IFRS as their accounting standards whereas the U.S. uses GAAP. This solution examines the advantages and disadvantages for the U.S. switching to IFRS.

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Generally Accepted Accounting Principles (GAAP) vs. the International Financial Reporting Standards (IFRS)

In addition to preparing financial statements in accordance with GAAP, U.S. companies may be required, in the near future, to prepare these statements according to the International Financial Reporting Standards (IFRS). In what specific ways do the two sets of standards differ from one another? If the United States adopted IFRS standards, what would be the advantages and disadvantages?

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