Does IFRS apply to US non-profit organizations?

Question

I am involved with the finances of a 501(C)(3), which has struggled over the past decade to become GAAP compliant.   All of our financial people are volunteers, apart from a paid bookkeeper, and have a wide variety of experience and expertise.  The very idea of trying to change our accounting standards is terrifying.  I need to understand what benefits IFRS would provide, and whether such a shift would be beneficial, or at some time in the future become mandatory.  

Peri  Frantz

Answer 1

The main benefit the IFRS would provide is standarization of financial reporting.
Currently IFRS is being complied with in around 160 countries in the world and many countries have based their framework of the IFRS and as far as the US is concerned IFRS adoption is under discussion according to some sources.

Due to the adoption of IFRS it would be easier for organizations to do reporting inaccordance with established standards having worldwide acceptance woth accuracy.