Chapter 3 discussed the world’s marketplaces. One thing that affects this is accounting standards and international business. Do some research regarding IFRS ( International Financial Reporting Standards) and answer the following questions:
Describe, in detail, what is IFRS, what is its purpose and list 5 countries that adhere to IFRS?
What impact does IFRS have on international business, advantages versus disadvantages to countries?
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Does the United States follow IFRS, if not, why, and what is the current position on using IFRS in the US, i.e. is it being considered.
Note: Please make sure to properly cite and include references for your paper.
Book: Griffin, Ricky W. and Michael W. Pustay, International Business A Managerial Perspective, Prentice Hall, Ninth Edition.