I do not believe that one set of accounting rules would be ideal...
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Accounting
I do not believe that one set of accounting rules would be ideal for the entire world. I believe this to be so because the transition would be extremely costly and I believe that it would also turn into a political power struggle. I believe that the United State may have hesitation in incorporating the IFRS accounting rules because of the inconsistencies that maybe come along with this set. It is stated that the IFRS is less detailed than the GAAP. For example, IFRS doesn't have the same expectations of the GAAP, the IFRS runs off of a principle base, where as to the GAAP is a ruled based set of standards. The GAAP is considered to be more consistent, transparent, and accurate, where as the IFRS is considered to be comparable and transparent. IFRS also doesn't incorporate LIFO in its set of standards, where as to the GAAP sets of standards uses both FIFO and LIFO. I think the biggest issue would be political as I stated before. The US believes that the IFRS is underdeveloped and lacks and allows too much leeway in judgement.
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