International Financial Reporting Standards (IFRS) are being used in over 100 countries worldwide. A news article states that generally accepted accounting principles in the United States have worked well for more than 100 years. The article says that when something is not broken, do not fix it. Is U.S. GAAP broken? How would U.S. companies benefit if the United States adopts International Financial Reporting Standards? Search the Internet for news articles to support your answer.

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GAAP is a set of rules or standard adopted for the preparation of accounts GAAP have its own advanta... View the full answer