Business Commons^™

U.S. Progress Toward Ifrs, Whitney Hucks

Honors Theses

There has been much discussion about the FASB and the IASB and their joint efforts to create a new set of accounting standards. There is also much debate over which set of accounting standards, U.S. GAAP or IFRS works best for corporations in the U.S. and for financial accounting purposes. The following is a discussion of the pertinent and relevant points made by those who are for IFRS, those who are for GAAP, and those who are for a mixture of the two sets of standards. These arguments all tend to fall under one of the following umbrellas: ignore IFRS, …