Chapter3discussed the world's marketplaces. One thing that affects this is accounting standards and...

Question

Chapter3discussed the world's marketplaces. One thing that affects this is accounting standards and international business.Do some research regarding IFRS(International Financial Reporting Standards)and answer the following questions:

Describe,in detail,what is IFRS,what is its purposeand list5countries that adhere to IFRS?

What impact does IFRS have on international business,advantages versus disadvantages to countries?

Does the United States follow IFRS,if not,why,and what is the current position on using IFRS in the US,i.e.is it being considered.

Note:Please make sure to properly cite and include references for your paper.

Taruna · Accepted Answer

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Title: The Implications of IFRS 
Contents 
Meaning of IFRS	3
Impacts of IFRS	3
United States and IFRS	3
Works Cited	5
Meaning of IFRS
	International Financial Reporting Standards (IFRS) are the set of rules that originations tend to follow with a view to present their accounts. In fact, the main objective behind developing IFRS norms is to provide organizations platforms where they can make educated decisions about showing efficacy in their account management. IFRS are the norms that IASB issues in favor of the organizations to guide them through the process of how to maintain fairness in their accounts. One of the major features of UFRS is to make sure that there is a common language used for accounts which organizations can use to show consistency in terms of maintaining their accounts. There is a universal acceptance of this language which is easy and hassle free to be used.  In global context when business operations are becoming typical to manage day after day, the publication of the rules like IFRS gives positivity to the business organizations to sustain their accounting standards. 
Impacts of IFRS 
	As per the observation of the rules set by IFRS,

Chapter3discussed the world's marketplaces. One thing that affects this is accounting standards and international business.Do some research regarding IFRS(International Financial Reporting...

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