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BUS5613 | Will the U.S. Adopt IFRS? | U.S. Integration of IFRS | | Christopher Anglin | 5/3/2015 |

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Will the U.S. Officially Adopt IFRS?
Initially, as a student relatively new to the study of international accounting standards and regulations, I assumed that the United States would be leading the efforts of an internationally accepted accounting standard, and I was both correct and incorrect in that assumption. The fact that the U.S. has the economic influence that it has, and its ties around the world, my assumption that other countries would follow suite, in hind sight, was naive. Days into my research, after being flooded with circumstantial evidence and factual evidence and information both supporting and denouncing the United States influence on this topic, I came up with one conclusion and one conclusion only, the U.S. will adopt IFRS or a future IFRS-like standard that is fully recognized by the international community, and it will not be U.S. GAAP. I am not stating that U.S. GAAP will no longer exist; I am saying that IFRS will be accepted as an equal to the U.S. GAAP and in the future, U.S. domestic reports will reflect and be tailored to IFRS requirements ultimately taking precedents over domestic accounting principles in an effort to save time and money.
As we have all learned over the years, large scale changes in the United States take time and they are often slowly integrated over the years to not upset the delicate balance of domestic politics and international relations. First, we must understand what IFRS truly is and how it is slowly being integrated in US. Next, after we highlight the major areas of differences, we need to understand what it would take to introduce the IFRS into our market and how we will eventually enforce the adoption. This stage will also highlight the challenges associated with the adoption, along

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