Journal of Finance and Accountancy Preparing for international, Page 1 Preparing for international financial reporting standards

The accounting profession is on the precipice of one of the biggest changes to face it since the 1930s. In the very near future, there is a strong possibility that United States generally accepted accounting principles (GAAP), as it is known today, will cease to exist. In its place will be a global standard encompassed by the International Financial Reporting Standards (IFRS). This paper will provide a history of IFRS and discuss the timeline of convergence, along with advantages and disadvantages. This paper will also address the future impact on accounting education