US Adoption of IFRS May Help to Jumpstart the US Economy

Accounting & Taxation, Vol. 3, No. 2, pp. 109-118, 2012

10 Pages Posted: 6 Jan 2012 Last revised: 9 Feb 2014

See all articles by Anne B. Fosbre

Anne B. Fosbre

Millennium Teaching University

Ellen M. Kraft

Richard Stockton College of New Jersey

Paul B. Fosbre

New Jersey City University

Date Written: 2011

Abstract

The United States prompt adoption of International Financial Reporting Standards (IFRS) may help to jumpstart the US economy. Investors would be able to make comparisons and evaluate investment opportunities worldwide. US Multinational companies would be able to cut costs. In preparation of financial statements using IFRS the results presented usually portray higher figures. This would help to present more favorable valuations and help to promote growth with improved financial reporting. The result will be more job opportunities, a reduction in uncertainties, and may help to jumpstart the US economy. This paper examines existing differences in required reporting by the SEC as well as other factors affecting the adoption of IFRS in the US. We will review the effects of not adopting IFRS that may have contributed to the delay in the recovery of the US economy and the uncertainty that has been created.

Keywords: IFRS, US economy, FIFO, LIFO

JEL Classification: M41, M48

Suggested Citation

Fosbre, Anne B. and Kraft, Ellen M. and Fosbre, Paul B., US Adoption of IFRS May Help to Jumpstart the US Economy (2011). Accounting & Taxation, Vol. 3, No. 2, pp. 109-118, 2012, Available at SSRN: https://ssrn.com/abstract=1946958

Anne B. Fosbre (Contact Author)

Millennium Teaching University ( email )

900 Lakeood Avenue
Lakewood, NJ 08701-2697
United States

Ellen M. Kraft

Richard Stockton College of New Jersey ( email )

101 Vera King Farris Drive
Galloway, NJ 08205
United States

Paul B. Fosbre

New Jersey City University ( email )

2039 Kennedy Boulevard
Jersey City, NJ 07305-1597
United States

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