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Global Accounting Convergence and the
Potential Adoption of IFRS by the U.S.
(Part I): Conceptual Underpinnings and
Economic Analysis
Luzi Hail, Christian Leuz, and PeterWysocki


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The response addresses the queries within 769 words with references.

//The potential decision of the U.S. Government related to adoption of the International Financial Reporting Standards (IFRS) is in the lime light now days. There are several benefits and issues related to this decision of the U.S. Government. The section is summarizing the important points related to the costs which can be accrued due to this decision and additional benefits to the U.S. business firms with new accounting standards.//

The adoption of IFRS may come up with several advantages related to the capital market which highly depends upon the reporting practices of the U.S. companies.

Impact of IFRS on Reporting Quality

There is a debate among the economists and scholars about the impact of IFRS on the Reporting Quality of the U.S companies. Some Scholars say that IFRS and GAPP are quite similar in many areas, so it would lead to fewer changes in reporting quality. On the other hand, some scholars say that taking IFRS as the main accounting standard can lead to lowering the quality of reporting, because it offers more discretion and less guidance to the management. But by taking reporting incentives views, it can be inferred that the IFRS is not going ...

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