GAAP is going away

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GAAP is going away by Mind Map: GAAP is going away

1. Background

1.1. Why the switch to IFRS?

1.2. When will the switch take place?

1.3. What are the main differences between IFRS and GAAP?

1.4. Source: GAAP Update Service

1.5. Source: International Standards Bring Steep Learning Curve

1.6. Source: Following the Road to IFRS Convergence

1.7. Source: The Globalization of Accounting Standards: IFRS Versus US GAAP

2. Implications in the workplace

2.1. Changes to work being done

2.2. Changes to rules being followed

2.3. Changes in qualifications needed

2.4. Source: How LIFO Could Stall Global Accounting

2.5. Source: The Spirit of Accounting

2.6. Source: GAAP Update Service

2.7. Source: Following the Road to IFRS Convergence

3. Implications on the economy

3.1. More global economy

3.2. More taxes to pay (at first)

3.3. Source: One Beneficiary of IFRS Switch: the Taxman

3.4. Source: PwC Rivets Attention on IFRS Tax Issue

3.5. Source: U.S. Prepares for Major Change

3.6. Source: Following the Road to IFRS Convergence

3.7. Source: The Globalization of Accounting Standards: IFRS Versus US GAAP

4. Implications on education

4.1. Change in the rules being taught

4.2. Teachers may not have worked with these rules

4.3. IFRS is more principals based (ethical dillema)

4.4. Source: Speed Bump of Barricade?

4.5. Source: GAAP Update Service

4.6. Source: Following the Road to IFRS Convergence

4.7. Source: On the Verge of an Academic Revolution

5. My Opinion (may not be included)

5.1. GAAP will never completly go away

5.2. FASB will lose some power by switching the U.S. to international standards

5.2.1. New node

5.3. Source: The Post-IFRS World

5.4. We are making important steps to become more globally competitve, but it will take a lot of time and money. Is it worth it?