International Financial Reporting Standards

International Financial Reporting Standards: U.S slowly changing from generally accepted accounting principles to IFRS, Maybe Mabel Perez Sullivan University Financial Accounting Seminar Professor Tim Swenson July 14, 2010 Abstract As line of merchandise has changed throughout the years, so has the way accounting is done. In grade to keep all financial statements simple and easy to realise globally, International Financial Reporting Standards (IFRS) is being used already in many countries. There are a a few(prenominal) that have not changed yet, including the United States, Canada, and Mexico. The IFRS has some objectives and goals that they want to achieve, such as: developing high quality and understandable and globally accepted standards. The goal of IFRS foundation and the IASB are to develop, in the habitual interest, a single set of high-quality global accounting standards. The Securities and transfigure Commission has not issued a rule that enforce common company to follow IFRS; so far the U.S still uses mostly Accepted Accounting Principles (generally accepted accounting principles). But the SEC does strongly harbour the use of IFRS and the plan to make a decision amongst 2011 and 2016. Using IFRS has its advantages and its disadvantages. One advantage is that a business butt joint present its financial statements on the same basis as its foreign competitors, making comparisons easier.

One disadvantage is that many mickle think that GAAP is the gold standard. The cost of changing over to IFRS is a big one because of all the training that has to be done and because IT Support has to be implemented. The good thing is that round half of U.S CPA has general knowledge of IFRS, but they exit have to keep on studying and gaining more education on it, since so many other countries are already using it. Keywords: IFRS, History of IFRS, IFRS and GAAP, Advantages of IFRS, Disadvantages of IFRS, CPAs thoughts on IFRS, equal of IFRS. International Financial Reporting Standards: U.S slowly changing from GAAP to IFRS, Maybe Throughout the years... If you want to get a skilful essay, order it on our website: Orderessay

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