International Financial Reporting Standards are gaining support around the globe. In 2007, the SEC eliminated the requirement

Question:

International Financial Reporting Standards are gaining support around the globe. In 2007, the SEC eliminated the requirement for foreign companies that issue stock in the United States to include in their a reconciliation of IFRS to U.S. . There also is serious discussion of allowing U.S. companies to choose whether to prepare their financial statement according to U.S. or IFRS.

Required:
Do you think U.S. companies should be allowed the choice of reporting under either U.S. or IFRS? Provide arguments both for and against this idea.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...