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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.

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