The International Financial Reporting Standards are a set of accounting standards developed by the International Accounting Standards Board. They are becoming the global standard for the preparation of public company financial statements (AICPA). The IFRS are currently implemented in ninety countries throughout Europe, Asia, and South America, and in coming years, the United States of America may added to the list. JPMorgan Chase, America’s largest bank, has shown hesitation of implementing the judgment-based International Financial Reporting Standards for several reasons, a main one being the complexity of switching a multi-trillion dollar company’s accounting standards. Specifically, the difference in reporting of derivative assets from Generally Accepted Accounting Principles to International Financial Reporting Standards is one of the main challenges. SNL Financial, a data collection company, ranks the world’s banks based on their assets, which are reported by each firm according to their current method of accounting reporting. In January of 2014, they ranked JPMorgan Chase as the sixth largest bank in the world, with $2.463 trillion in assets. (PRWeb). The largest bank in the world was reported to be the Industrial & Commercial Bank of China, with $3.062 trillion in assets. The difference between the two banks, is that JPMorgan Chase reports assets under U.S. Generally Accepted Accounting Principles, while the Industrial & Commercial Bank of China uses International Financial Reporting Standards. According to SNL Financial, JPMorgan Chase would be the largest bank in the world if they used International Financial Reporting Standards accounting principles. This jump in five ranking spots would be because under the Generally Accepted Accounting Principles, JPMorgan Chase reports the net amount of derivative assets on balance sheets, while International Financial