The United States Should Convert to IFRS Essay example -- IFRS Account

The changes in IFRS leave affect some slight modifications to meaningful amendments of principles. It can affect different argonas of monetary statements and information. For example, extensive disclosure requirements, financial statements and how specific elements will be recognize and measured. Those elements argon financial legal instrument and employee benefit (IFRS, 2012). I think that it would be beneficial for linked States to reposition to IFRS, but I think that SEC should not vote to transmutation to IFRS after companies spend millions of dollars on converting from GAAP ( physician). The European Union has already scourgeed to IRFSs. It happened the same year when join States companies had deadline to switch over (Johnson). There are at least three reasons why the United States should switch to IFRS. The reasons are internationalistic financial reporting standards. They will make easier for company to compare, run across and it will help stay up-to-date to multi national businesses (Johnson). Switching to IFRS will help not just companies but also investors and public globally to compare financial statements. If every country has different financial standards, if would be problematic to compare how each company stands because they are not the same. The United States is the only country who does not use the metric system (meters, kilometers, litters) rather they use the customary system (inches, feet). For example, if you will have to drive in some other country you will not understand how far another grocery store because the sign tells you in meters not in miles. Also, if United States will switch over to IFRS from GAAP, it will allow US to find a part of the global economy. Another reason for United States to switch to IFRS th... ...l language is also beneficial for comparison of statement, understanding, and saving cost for international companies. Works CitedAlbrecht, D. (October, 2011).American Institute of Certified Public Accou ntants. (November, 2013). International FinancialReporting Standards. Durham, NC AICPA. branchia L. (June, 2012) IFRS Coming to America Whitehouse T. (December, 2013). Foundation Says IFRS Becomes Global Preference.IFRS Changes Impacting the Banking Industry (August, 2012).Pricewaterhouse C. (November, 2012). Benefits of Changing to IFRS.The Maryland Association of CPAs. (November, 2013). SEC offers roadmap to global accounting standards.Horsfall N. (December, 2013). FRS Urges More Firms to produce IFRS.Durham. (November, 2008.)American Institute of Certified Public Accountants. International Financial Reporting Standards.