Document Type

Honors Thesis


International Financial Reporting Standards (IFRS) were created to address the lack of a standard global financial reporting language. This work examines whether a push for convergence with or the adoption of IFRS will occur in the United States. Additionally, it examines the effects on companies switching from Last-In-First-Out (LIFO), an inventory costing method prohibited by IFRS but allowed by the United States Generally Accepted Accounting Principles (GAAP), to First-In-First-Out (FIFO). The first question is answered from a sample of comment letters responding to the Securities Exchange Commission’s 2008 proposal for adopting IFRS. The second question is answered using hypothetical figures to illustrate the effects of a change from LIFO to FIFO on an income statement. The findings of this research allude to most parties welcoming improvements to IFRS and GAAP through convergence, but adoption is unpopular. It is unlikely the U.S. will adopt IFRS, but convergence on small-scale projects will continue.

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