Throughout the text, you have encountered sections titled Global View. These sections highlight how the accounting for various issues differ under an IFRS viewpoint from U.S. GAAP

Perform an internet search for related information about International Financial Reporting Standards {IFRS}

1 Describe what you believe to be the 'crux' of IFRS.

2 Describe two differences between GAAP and IFRS.

3 Is IFRS likely to be adopted in the U.S. in the near future?