This report analyzes the benefits and costs of the United States adopting International Financial Reporting Standards (IFRS) in place of US GAAP. It discusses the advantages of comparability, confidence-boosting, and reduced trouble for taxation authorities, as well as the disadvantages of losing control, political issues, and financial expenses. The report concludes that the US is in favor of having a single accounting standard globally but not at the cost of losing control, making huge expenses, and facing political issues.