1. In the 2000-2010 decade, there were two primary approaches under consideration for adoption as a basis for international financial reporting: GAAP and IFRS. Ultimately IFRS has become the dominant international approach. Many experts believe the scale tipped in favor of IFRS due to:

   		the IFRS commercial and tax law approach over the GAAP economic performance approach.
   		the stricter, more detailed, and easier to follow rule-based system of the IFRS.
   		to the different treatment of inventory under each system.
   		the accounting scandals at WorldCom, Enron, and other major companies that reported using the GAAP standards.