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    IFRS vs GAAP for the future of financial accounting.

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    I think the IFRSs are going to cause a big change in the way accounting is approached worldwide. We will finally have a set of universal accounting standards that will be used by companies all over the globe. Those entering the accounting field will be encouraged to learn about these standards, as they are soon to become the "norm" compared to the GAAP that we are using now.

    You agree or not? Why or why not? Support your opinion.

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    https://brainmass.com/business/international-finance/ifrs-vs-gaap-future-financial-accounting-239025

    Solution Preview

    I agree that IFRSs are going to cause a big change in the way accounting is approached worldwide. IFRSs make it much easier to compare the accounts of companies on an international level. Improvements are incorporated on existing standards of GAAPs.

    Some of the ...

    Solution Summary

    This assignment discusses future of worldwide financial accounting. It discusses IFRS vs GAAP.

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