The ultimate goal of a move to IFRS International Financial Reporting Standards is
the rigorous application of a single set of global accounting standards, which will produce highquality,
transparent financial information to help investors and other stakeholders in the world's
capital markets make economic decisions based on financial data that is easily and directly
comparable. Many believe this is a necessity for a vital and growing global economy. In this article
the authors tried to present the issue of convergence between US Generally Accepted Accounting
Principles (GAAP) and International Financial Reporting Standards (IFRS). Adoption of IFRS
(International Financial Reporting Standards) in the US undoubtedly would mark a significant
change for many US companies. It would require a shift to a more principles-based approach,
place far greater reliance on management (and auditor) judgment, and spur major changes in
company processes and systems.