Gitman Zutter discusses several challenges that are unique operating globally, e.g., political risk, currency risk, and special forms of business organization such as joint ventures. On a more tactical level, the global standardization of accounting principles and practices is known as IFRS (International Financial Reporting Standards). US companies and tax authorities use GAAP (Generally Accepted Accounting Principles), which contains several differences from IFRS. Comment on the reasons why progress toward global standardization is moving so slowly (it’s been going on for over a decade). What are some of the issues that must be overcome in order to adopt global accounting standards? What might be some of the unintended consequences and/or disadvantages to migrating from GAAP to IFRS? All possible pros and cons are legitimate points in your post.
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