International Financial Reporting Standards (IFRS) have been adopted by most of the G20 countries. Given the broad worldwide acceptance of IFRS and significance of attaining comparability to facilitate free flow of capital, the US standard setter, the Financial Accounting Standards Board (FASB) made a commitment to jointly work with the International Accounting Standards Board (IASB) to explore the possibilities of convergence of US Generally Accepted Accounting Principles (GAAP) with IFRS. In 2007, the US Securities and Exchange Commission (SEC) eliminated the requirement that foreign companies listed on the US stock exchanges reconcile their IFRS‐based financial statements with the US GAAP. In the same year the US SEC issued a concept release to the public requesting comments on a proposal to allow US issuers to prepare financial statements in accordance with IFRS. Following these initiatives by the FASB and SEC, the aim of the present study is to investigate the implications of a potential full adoption of IFRS by the US. The present study details the challenges and benefits of adoption and outlines the steps required for a successful outcome of this process.

International Financial Reporting Standards (IFRS) are accepted throughout the world; particularly in the European Union (EU), Australia, New Zealand and Canada. Emerging economies, also, are aligning their practices with IFRS. Historically, the US has been cautious about accepting IFRS. However, following acceptance of IFRS worldwide, the US SEC has recently allowed the filing of IFRS-based financial statements from foreign issuers and is presently considering the same from domestic issuers. Due to lack of IFRS education and training in the country, concerns have been expressed about such moves of the US towards IFRS. Following such concerns the aim of the present study is to review previous literature on IFRS education to reflect on the present status of IFRS education in the US. The research method includes a review of past literature on IFRS education in the Business Source Complete database from 2001 to 2012. In line with the review this study reports that active learning approaches that stimulate critical thinking and judgement skills of students are the best methods to teach IFRS. The studies reviewed also report the lack of teaching materials, including software and technologies, to effectively teach IFRS. The only active learning strategies advocated in previous studies were the use of case studies and real life examples. Additionally, this study advocates the use of problem-based learning strategies. This study also reports the lack of research investigating students' and educators' perceptions of available resources and approaches. Future studies are suggested in this direction, employing surveys and interviews.

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