Changes in IFRS will affect some minor changes to significant changes in the principles. It can influence different areas of budgeting and information. For example, extensive disclosure requirements, financial reporting, and how specific items are recognized and measured. These elements are financial instruments and employee benefits (IFRS, 2012). I think it would be beneficial for the United States to move to IFRS, but I think the SEC should not vote to move to IFRS after companies have spent millions of dollars to convert from IFRS. GAAP (Maryland). The European Union has already switched to IRFS. It happened the same year that US companies had a deadline to switch (Johnson). There are at least three reasons why the United States should move to IFRS. The reasons are: international financial reporting standards. They will make it easier for companies to compare and understand and will help multinational businesses stay up to date (Johnson). The transition to IFRS will help not only companies but also investors and the public globally to compare financial statements. If each country had different financial standards, it would be problematic to compare the situation of each company because they are not the same. The United States is the only country that does not use the metric system (meters, kilometers, waste); instead, they use the usual system (inches, feet). For example, if you have to drive in another country, you won't understand how far it is to another grocery store because the sign tells you in meters and not miles. Furthermore, if the United States transitions to IFRS from GAAP, it will allow the United States to become part of the global economy. Another reason why the United States needs to move to IFRS is that...... half of the document... the language is also useful for statement comparison, understanding and cost savings for international businesses. companies.Works CitedAlbrecht, D. (October 2011).American Institute of Certified Public Accountants. (November 2013). International financial reporting standards. Durham, NC: AICPA.Gill L. (June 2012) IFRS: Coming to America Whitehouse T. (December 2013). The Foundation says IFRS becomes a global preference. IFRS changes impacting the banking sector (August 2012). Pricewaterhouse C. (November 2012). Advantages of switching to IFRS. The Maryland Association of Accountants. (November 2013). The SEC offers a roadmap to global accounting standards. Horsfall N. (December 2013). FRS urges more companies to adopt IFRS.Durham. (November 2008.) American Institute of Certified Public Accountants. International financial reporting standards.