Question

What do you think the future of IFRS is? Will the U.S. adopt IFRS? If so, when?

Answer 1

As it is shown in the history, the IFRS idea was there for long time. Starting from the 1960's when calls for international standers at the IFRS started to show up, until now we can see how big the IFRS grew. Based on that history, I believe the IFRS is making great progress towardsglobalization, and one day all countriesworldwide will adopt it.Also, I believe the U.S will adopt the IFRS, This belief came from steps the SECconstantlyhas taken to support convergence of global accountingstandards. The FASBand IFRS have also been working together to improve and converge the U.S to accept the accounting principles of (GAAP) and IFRS. Another point to make about the U.S adopting IFRS, that if the U.S wants to stay in the competition of the global market, it has no choice but to adopt the IFRS. And by looking at the action U.S have taken since 1996 to 2013, I don't think it will be long time until U.S adopts IFRS. I can't say exactly when, but I don't think more than few years.