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As mentioned in Chapter 3 of the textbook, International Financial Reporting Standards ( IFRS ) are generally utilized by non - U . S .
As mentioned in Chapter of the textbook, International Financial Reporting Standards IFRS are generally utilized by nonUSbased companies. Both IFRS and GAAP standards follow core principles such as asset valuation, revenue recognition, and the matching principle. However, the standards may approach financial reporting differently. Review the resource "Why Global Accounting Standards?" and provide an opinion on whether US companies should convert to the global standards based on the information you gathered from the IFRS readings. Participate in followup discussion by trying to professionally persuade classmates who have a different opinion on convergence, addressing why your logic is more appropriate for US businesses. Scholarly citations required
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