A Critical Review of US GAAP And IFRS: Future Research Directions
The aim of this critical review is to evaluate the body of existing literature in order to identify key areas for future research on the convergence of United States Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). Prior research has mostly...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Mashhad: Behzad Hassannezhad Kashani
2025-04-01
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| Series: | International Journal of Management, Accounting and Economics |
| Subjects: | |
| Online Access: | https://www.ijmae.com/article_220003_00fc818bc6f63ae80a421fb352f304b6.pdf |
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| Summary: | The aim of this critical review is to evaluate the body of existing literature in order to identify key areas for future research on the convergence of United States Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). Prior research has mostly concentrated on quantitative approaches, paying little attention to qualitative perspectives and local obstacles to IFRS adoption, especially in light of US GAAP convergence. A systematic review was carried out, examining twenty-eight articles from 2015 to 2024. Databases such as Science Direct, Google Scholar, and Emerald Insight provided the data, which was then analyzed using the PRISMA framework. Even though there has been progress, there are still significant differences between US GAAP and IFRS, which makes cross-border reporting more challenging. Two major obstacles are the lack of professional training and the lack of preparedness for the adoption of IFRS, especially in the US. There are still many major challenges facing the convergence process. To address these issues, especially with regard to training and institutional preparedness, more qualitative research is required. Understanding the convergence of US GAAP and IFRS is very insightful for stakeholders, including investors, multinational corporations, policymakers, and standard-setting bodies, to comprehend. |
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| ISSN: | 2383-2126 |