Implications of IFRS in the United States
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International Financial Reporting Standards (IFRS) is on a crash course for adoption in the United States, which uses United States GAAP. Many differences and disparities exist between the two accounting standards. The means of adoption in the United States is still under discussion, but the ramifications will be felt in many areas. Companies will have to prepare and make the necessary adjustments in their operations. The main research method used in my thesis was business magazines and other accounting websites. Due to the fact that this topic is relatively new, many books were not sufficient for my research. My faculty advisor did a phenomenal job at providing resources that would incorporate my topic. My findings included that some industries would incur millions of dollars in extra costs due to the exclusion of some methods used currently in the United States.