The globalization of global financial markets has created a growing need for a comparable, detailed and transparent financial reporting system, making it imperative to establish a set of high quality global accounting standards (Gornick-Tomaszewski, S. and Showerman, S.2010). Currently, there are two sets of generally accepted accounting standards for international financial reporting: U.S. GAAP (Generally Accepted Accounting Principles) which were developed by the Financial Accounting Standards Board (FASB) and International Reporting Standards (IFRS) published. by the International Accounting Standards Board(ISAB) (Kieso, DE, Weygandt, JJ, Warfield, T, D, .2013. To standardize financial reporting, many countries around the world have agreed to accept IFRS as global accounting standard for use in preparing financial statements of publicly traded companies (Gornick-Tomaszewski, S., & Showerman, S.2010). IFRS can be defined as a high quality and comprehensive set of standards, rules and regulations. accounting interpretations used in the preparation of financial statements (Gornick-Tomaszewski, S. and Showerman, S.2010). Currently, more than 115 countries in the world use IFRS to present the financial statements of national companies. required that all listed companies in Europe use IFRS to establish their information is more comparable and less complex for users (Kieso, DE, et al, 2013). complex. The reason for this complexity comes from the fact that U.S. multinational corporations with subsidiaries listed on foreign stock exchanges can prepare their financial statements using U.S. GAAP while foreign public corporations...... middle of paper .... ..national+financial+reporting+standards+%3A+are+fair+for+the+united+states.+The+journal+of+global+business+issues+volume+7+issue+2Gornick-Tomaszewski , S., & Showerman, S. (April 2010). IFRS in the United States: challenges and opportunities. Business Review, 30(2), 59-71. Retrieved from http://www.readperiodicals.com/201004/2113499381.html Or, A. (May 2012). Perspectives on the possible adoption of IFRS. Retrieved from http://www.albany.edu/honorscollege/files/Or_Honors_Thesis.pdfKieso, DE, Weygandt, JJ, & Warfield, TD (2013). Intermediate Accounting, 15th Edition. John Wiley& Sons, Inc.Chasan, E. (February 4, 2014).SEC's New Strategic Plan Moves Away from IFRS.CFO Journal. Retrieved from http://blogs.wsj.com/cfo/2014/02/04/secs-new-strategic-plan-backs-away-from-ifrs/IFRS FAQ (2014). AICPA IFRS Resources. Retrieved from http://www.ifrs.com/ifrs_faqs.html