United States: There are currently more than 10000 companies that are registered with the SEC (Securities Exchange Commission). Of these, around 1000 are non US companies. The non-US companies have been given the option of adopting with either IFRS or the US Generally accepted accounting principles (GAAP). The non-US companies continue to follow the GAAP. However, there is continuous focus in the US to move towards IFRS. This shift from GAAP to the IFRS will help enhance consistency and transparency. Craig Deegan Business & Economics (2007).
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