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If it is really a conversion of USGAAP then how come IFRS is subject to changes. Why didn't we abolished IFRS and convert it to USGAAP? why vice versa?

I know conversion will help in harmonization of accounting reporting framework and all those benefits that are being taught, I want some serious answers not all those conventional "Advantages and disadvantages of conversion"

OA Framework IFRS Entity Framework US GAAP
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Question added by Sameer Khan , Financial Accountant , Centro Salama by Rotana
Date Posted: 2014/02/19
Upvote (5) Views (6) Followers (3) Answers (3) Report Question
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maria kareem

Just because in most part of the worls it is the ifrs not the GAAP 

Sameer Khan
by Sameer Khan , Financial Accountant , Centro Salama by Rotana

Exactly

Rashad Moursi
by Rashad Moursi , Financial and Administrative Officer & international Business Transformer, Hotel Owner Reprs. , Investment and financial

Given that the world became a small village, in addition to the wide spread of mulitinational companies, it became necessary, but inevitable to find a common financial language. IFRS is "Common Global Financial language".

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