A Review of U. S. Multinational Competitiveness through International Accounting Standards: Evaluating Implications and Potential Advantages

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@article{1704972,
      author = {Theodore Narku Odonkor},
      title = {A Review of U. S. Multinational Competitiveness through International Accounting Standards: Evaluating Implications and Potential Advantages},
      journal = {Iconic Research And Engineering Journals},
      year = {2023},
      volume = {7},
      number = {2},
      pages = {690-702},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1704972.pdf},
      abstract = {This study provides a comprehensive analysis of the impact of International Accounting Standards (IAS) on the competitiveness and financial decision-making of U.S. Multinationals in the global business environment. The primary aim was to explore the evolution, implementation, and strategic implications of IAS, particularly focusing on their influence on U.S. GAAP, regulatory frameworks, and global accounting practices. Utilizing a systematic literature review methodology, the research drew on peer-reviewed academic journals, industry reports, and regulatory publications from 2010 to 2023. Key findings indicate that the convergence of U.S. GAAP with IFRS has significantly altered financial reporting practices, enhancing transparency and comparability internationally. The adoption of IAS has strategic implications for U.S. Multinationals, influencing investment decisions, risk management, and corporate governance. Challenges in adapting to diverse accounting practices and regulatory environments globally were also identified. The study concludes that aligning with IAS is a strategic necessity for U.S. Multinationals to maintain global competitiveness. It recommends further research into the long-term effects of IAS adoption and its implications in a rapidly evolving global business landscape. The findings have broader economic and policy implications, highlighting the need for effective regulatory frameworks that support the harmonization of accounting standards while considering the unique challenges faced by multinational corporations.},
      keywords = {International Accounting Standards, Business Environment, Multinational Competitiveness, United States},
      month = {August},
  }