U.S. GAAP vs IFRS

3443 Words Feb 6th, 2014 14 Pages
Unit 9 Project: The U.S. Should Not Abandon U.S. GAAP to Adopt to IFRS
Amethyst McMillian
Kaplan University

CM220-42
Professor Manning
October 1, 2013

U.S. Adopting IFRS
The United States is coarsely going through a big dilemma. It is deciding whether to adopt International Financial Reporting Standards (IFRS), or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a serious decision, now would be an opportune time to take a look at what the advantages and disadvantages would be of switching to the new way of financial reporting, and doing so, shows the beliefs of the costs being too high to adopt a new set of reporting standards. People who support
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For principles-based accounting to act upon, those in charge must have the right principles. Current administration is clearly lacking in that fondness. Instead, they seem to have only one self-interested cognitive content in intellectual, and that is to do whatever it takes to state fiscal statements that people want to see.
IFRS has a slim Possibility of Comparability
Likeness between business enterprise statements not being achieved is reality for the U.S. to abort switching to IFRS. Although supporters of IFRS espousal in the U.S. converse that it will give a likeness between business enterprise statements worldwide, which is not the case. The purpose for the goal of comparability monetary units will not succeed in this. Dissenting the backgrounds of people in many countries applying IFRS means interpretive difference of opinion will arise due to different humanities exercises (Taub, September 2007). SEC Presiding officer Helmsman declared, “Securities control can be converted to a far higher degree than we have already attained. It is unrealistic to think we should take a leak supposable, because of differences in national laws, economic conditions, and goal” (November 2008). Granted Chairman Cox supports the switch from U.S. GAAP to IFRS, he blatantly admits that there would still be differences in financial reporting, and financial statements even if IFRS will enforce. Benefactor discourse that one

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