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U.S GAAP uses the two step method whereas IFRS also uses a single-step method for impairment write-downs. Probability threshold and measurement objective for contingencies are different for the IFRS. Curing debt covenant violations after year-end are not allowed in IFRS whereas it is allowable in U.S GAAP. IFRS regulation in regards to revenue acknowledgement is less broad than GAAP and includes a lot less industry-specific instruction. (GAAP AND IFRS, STILL DIFFERENCES, …show more content…
These arguments will end up resulting in an increase of capital flow and international investments, this would further diminish interest rates and also help with economic growth. Timeliness and the availability of uniform information to all concerned stakeholders will also conceptually make for a smoother and more time-efficient process. Additionally, new safeguards will be in place to prevent another national or international economic and financial meltdown. (The impact of combining the U.S GAAP and IFRS,