Comparative analysis of IFRS and US GAAP

The paper presents a critical analysis of the needs for, reasonableness, and status of the convergence of U.S. GAAP and IFRS. Differences between IFRS and US GAAP are examined. The authors' conclusion is that it is both timely and necessary to converge and harmonize IFRS and US GAAP into a single set of Global Accounting Standards. This will lead to a more stabilized and prosperous world economy and it will help to resolve many of the world's financial reporting problems.