Convergence of IFRS Briginshaw, J. Essay

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Investors will have to adjust and discount IFRS figures, one additional dollar of IFRS profit indicates slightly lesser incremental economic health and, if the underlying assumptions of accounting are accepted, slightly lesser ability to pay down debt and pay dividends in the future than one dollar of income calculated under GAAP.

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Capital markets are becoming more global and demand for a single set of high-quality global accounting standards is increasing. IFRS if consistently applied by issuers and their auditors will be understood by investors throughout the world. The transition to IFRS will require, at the very least, a change in mindset.

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Because IFRS is principle driven instead of rules driven I believe there will be a tremendous scrabble for clarification regarding accounting procedures in the U.S. because the highly litigious nature of our nation. Furthermore the end of LIFO may impact investment in certain companies. Nonetheless IFRS will benefit investors and other users of financial statements by reducing the cost of investments and increasing the quality of the information provided. Multinational corporations serve to benefit the most from only needing to report to a single standard. IFRS is used in over 120 different countries, while GAAP is used in only one......

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