The Adoption of Ifrs in the American Essay
Countries have introduced or are in the process of introducing IFRS. Delays in US adoption of IFRS will result in multinational companies reporting their primary reports in IFRS, which will result in similar reports in US GAAP. This will lead to more audit costs and possible errors. The US should move towards IFRS standards due to the impact of IFRS adoption. The recent trend of globalization has affected accounting and reporting systems. To take into account the rapid changes in the environment, the International Accounting Standard Board (IASB) is making the international financial reporting standards, IFRS, easier to apply and standardized for everyone, The Impact of IFRS Adoption. The recent trend of globalization has affected accounting and reporting systems. To take into account the rapid changes in the environment, the International Accounting Standard Board IASB makes the international financial reporting standards, IFRS, easier to adopt and standardize for everyone. Essay Sample Content Preview: The International Financial Reporting Standards, IFRS, refer to a set of global accounting guidelines that outline how specific types of transitions and different events should be taken into account in financial statements Houqe et al.2012. These are provided by International Accounting, 1. Introduction. The adoption of the International Financial Reporting Standards (IFRS) is an issue of global importance in several countries of the world due to the quest for standardization, uniformity, reliability and comparability of financial statements of organizations Okpala, Palea, According to the International, The adoption of Therefore, IFRS is being used by several countries to increase the level of foreign investment by reducing information asymmetry. Gordon and Bovenberg, 1996. If there are discrepancies in the company's accounting information, it may indicate the possibility of making abnormal profits or it may signal to the foreign investor that the,