It becomes more and more important for financial accounting standards to be uniform across countries as the globalization of business continues. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board have been working together on convergence, a process to develop a common set of standards to be accepted worldwide. These International Financial Reporting Standards (IFRS) ultimately will be applicable to for-profit businesses in more than 150 countries including the United States. More than 100 countries have adopted the IFRS standards but not the United States.
A large number of details must be worked out, including resolving differences between current U.S. and international standards. The SEC has not yet decided whether to incorporate IFRS standards in the United States, and the impact on not-for-profit organizations remains uncertain at this time.
What do you think? Will this be more or less significant for healthcare organizations than other for-profit and not-for profit types of businesses? Support your position.