This will of course change the methods in which companies in the U.S. do their accounting and report financial information, but a change in accounting methods should not lead to a major change in the way these companies actually perform their business.
If the transition to IFRS rather than GAAP is expected to change a company's business practices, it is only a sign that the transition needs to be made that much sooner. If a company makes business decisions based on the way it will be able to report that decision's financial effects, rather than on the real value of that decision, there is clearly something wrong with the accounting methods the company is using. The recent financial meltdown largely caused by questionable accounting practices (and tangentially exacerbated by a lack of international standardization in these practices) is definitely evidence that such practices need to be changed, and with an international standard available, why not use it?
"AmEx profit triples, beating expectations." http://money.cnn.com/2010/01/21/news/companies/American_Express_earnings/
This article describes the unexpected profit gains that New York-based credit card company American...
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However, when a shock happens that changes that pattern, the information is no longer relevant. In periods of turmoil, only the most up-to-date information is relevant. The usefulness of the information wanes quickly as the behavior of the company becomes more erratic. After a period of erratic behavior and change, the company may be forced to make internal changes that affect the way they do business. They may make
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