What are the advantages and disadvantages to U.S. companies in adhering to IFRS standards?

Write a 3 page paper answering the following questions:

  1. Where does the U.S. stand with International Financial Reporting Standards (IFRS) today?
  2. Will the U.S. adhere to IFRS? Explain.
  3. What are the major significant differences between (GAAP) and IFRS?
  4. What are the advantages and disadvantages to U.S. companies in adhering to IFRS standards?

Must have at least 3 peer reviewed articles.

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