Economy goes Global. Now there are many GAAPs for each country, it moves to one standard GAAP for all. IRFS-International Financial Reporting Standards. Future of Accounting. Not just GAAP, but also IFRS. What is SEC’s (Securities and Exchange Commission) role in IFRS? Go to websites. Pro’s “ why it’s good to have just one GAAP. Con’s “ why it’s not good to have jus one GAAP. What is SEC’s role? go to websites. What is my prediction, will IFRS be adopted, when, why? Will it be required for public companies? Why will it be required? Use internet and other available sources. List all the sources used. No more than 10-12 double-spaced pages. Please use simple English language.