International Financial Reporting Standards, IFRS, are used by 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. If [...]

In as unsure of economic times as the one we’re living in today, it is only natural for people to desire some additional consistency and reliability, principally relating to the business world. In the world of accounting these two factors are imperative in order for firms to perform daily business operations. Due to the ever-changing anatomy of business and the pull towards globalization companies must conform to more internationalized standards than ever before. Companies using the current Generally Accepted Accounting Principles [...]