Are US Academics and Professionals Ready for IFRS?

Abstract

International Financial Reporting Standards (IFRS) have been adopted by several countries around the world as a common accounting and financial language. However, the US is yet to do so. In this study, in our turn, we examine whether the US academics (accounting and auditing students and professors) as well as practitioners (auditors, accountants, CPAs, and financial analysts) are ready to embrace IFRS as a common accounting and financial reporting language. We discuss the extent to which they are familiar and ready for IFRS as well as their perception about the benefits and challenges in adopting IFRS. We further touch on IFRS Benefits and Challenges, IFRS education, training, and information technology Role.

Keywords: IFRS, International Financial Reporting Standards, International Accounting, GAAP, Difference between GAAP and IFRS, pros and cons of IFRS

JEL Classification: M41, G15