International Financial Reporting Standards (IFRS) are becoming the new accepted accounting standard worldwide, slowly replacing the US GAAP in the United States. Basically the IFRS are a new way of preparing public financial records for companies; the IFRS are less regimented, specific, and strict than the US GAAP. There is a reason that so many countries, currently about 100, are switching over to IFRS – there are tremendous benefits involved in making the change.
Specifically for the United States, what are the advantages?
