The Beginning of the End of GAAP

1) IFRS will help to see all Financial Statements homologating criteria which contributes to improve investment activity around the world. 2) Even mentioned IFRS must be reviewed in some aspects also, because some issues do not reflect a the real business activity.  

As long as the F.A.S.B.'s blueprint could "identify the least disruptive, and least costly approach" to move U.S. public companies to IFRS, and this blueprint is generally accepted in the U.S. as accounting principals, the U.S. GAAP is applied. However, applying these standards by other countries and nations already requiring international accounting standards IAS would be a problem.

The title of the article is a misnomer - it is the FASB not GAAP that is being replaced.  With little debate or scrutiny, and no cost/benefit analysis of which I'm aware, the SEC has decided to replace United States GAAP with that of an international body over which it has no control. Accounting is the basis of business decisions and to outsource that authority is frightening to say the least....

1.  Given  all of the differences between US GAAP and IFRS it will be a few more years before convergance occurs. 2.  There is a lack of conformity with respect to adherance to IFRS as it has been promulgated into law.  As such, it is difficult to review a financial statement completed under IFRS unless you know the underlying accounting policies promulgated by a specific governmental...

As  the  global  accounting  convergence process  progresses a  number  of  contentious  issues are  being  raised. This  analysis  takes  a  look  at  some  of  these  issues.