The purpose of this paper is to study the history of the international standards; and the motivation for achieving a common standard set worldwide; the major differences between the international standards and the currently required GAAP standards within the United States; and what accounting firms and companies are doing to prepare for such a transition. Furthermore, I attempt to understand the monetary effects that IFRS will have on financial statements in the transition from GAAP and the implications such a transition could likely have on whether the ultimate goal of common standard sets can be achieved.
Williams, C. (2009). The Effects of International Financial Reporting Standards Convergence within the United States (Undergraduate honors thesis, University of Redlands). Retrieved from http://inspire.redlands.edu/cas_honors/42