What is the impact of some businesses using InternationalFinancial Reporting Standards (IFRS) instead of...

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Accounting

What is the impact of some businesses using InternationalFinancial Reporting Standards (IFRS) instead of generally acceptedaccounting principles (GAAP)? In your opinion, should there be aworldwide convergence of accounting standards? Why or why not?Explain.

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The major difference that arises because of some businesses using IFRS instead of GAAP is that there will be nonuniformity of the reporting between the companies within the same Industry and between different Industries For a See Answer

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In: AccountingWhat is the impact of some businesses using InternationalFinancial Reporting Standards (IFRS) instead of generally...What is the impact of some businesses using InternationalFinancial Reporting Standards (IFRS) instead of generally acceptedaccounting principles (GAAP)? In your opinion, should there be aworldwide convergence of accounting standards? Why or why not?Explain.