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

Background

Why the switch to IFRS?

When will the switch take place?

What are the main differences between IFRS and GAAP?

Source: GAAP Update Service

Source: International Standards Bring Steep Learning Curve

Source: Following the Road to IFRS Convergence

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

Implications in the workplace

Changes to work being done

Changes to rules being followed

Changes in qualifications needed

Source: How LIFO Could Stall Global Accounting

Source: The Spirit of Accounting

Source: GAAP Update Service

Source: Following the Road to IFRS Convergence

Implications on the economy

More global economy

More taxes to pay (at first)

Source: One Beneficiary of IFRS Switch: the Taxman

Source: PwC Rivets Attention on IFRS Tax Issue

Source: U.S. Prepares for Major Change

Source: Following the Road to IFRS Convergence

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

Implications on education

Change in the rules being taught

Teachers may not have worked with these rules

IFRS is more principals based (ethical dillema)

Source: Speed Bump of Barricade?

Source: GAAP Update Service

Source: Following the Road to IFRS Convergence

Source: On the Verge of an Academic Revolution

My Opinion (may not be included)

GAAP will never completly go away

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

New node

Source: The Post-IFRS World

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