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?
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.