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Generally Unacceptable Accounting Principles - Odyssee - 08-27-2009
The article on the following link identifies some of the weaknesses of US-GAAP(Generally Acceptable Accounting Principles) and also questions the effectiveness of IFRS.
http//www.accountingweb.com/topic/tax/big-8-generally-unacceptable-accounting-principles-guap-and-introduction-socially-responsi
The US-SEC has announced that a mandatory two year dual-reporting period would begin for most companies in 2012, with IFRS only required by 2014.