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Why Ifrs? The Benefits And Drawbacks Of Conversion From Gaap To Ifrs

International Financial Reporting Standards, IFRS, are used by public companies in over 100 countries, so it is easy to see why the U.S. is following suit. The United States is currently using what is known as Generally Accepted Accounting Principles when filing their financial statements and records. Currently, the SEC is debating how to impose the change in the U.S. The choice is between making IFRS a gradual adaption and establishing a definite date that companies must be converted by.

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