Amazon.com Widgets
  • Harmonization of accounting standards

    The only means we would understand each other without resorting to significant research regarding differences or similarities in accounting standards and to eliminate the very tedious task of restating our financial statements to comply to a particular standard is to only have the same accounting standards that will be used by all companies around the globe.

  • Harmonization of Accounting Standards

    The only means we would understand each other without resorting to significant research regarding differences or similarities in accounting standards and to eliminate the very tedious task of restating our financial statements to comply to a particular standard is to only have the same accounting standards that will be used by all companies around the globe.

  • Harmonization of standards

    The only means we would understand each other without resorting to significant research regarding differences or similarities in accounting standards and to eliminate restating our financial statements to comply to a particular standard is to only have the same accounting standards that will be used by all companies around the globe.

  • Yes it would increase accountability.

    Yes, the US should adopt IFRS, because it would be a good way to make US firms and corporations more responsible for their accounting. By doing accounting in a language that all people can understand, they would make their bookkeeping more apparent to people, especially from other countries, that want to understand their business practices.

  • Yes - Need Standardized Financial Reporting

    Yes, the U.S. should adopt IFRS. As long as the health of a country is gauged by how well her businesses are performing, it is only logical that all countries should be using the same set of standards and structure for financial reporting. This would put everyone on a level playing field, with all participants speaking the same language by reporting results that would be immediately understandable to all countries.

  • Yes, the U.S. should adopt the IFRS.

    Yes, I believe that the U.S. should adopt the IFRS. The International Financial Reporting Standards are used in the majority of other countries for financial reporting on a global scale, which gives the United States no reason to avoid adopting it. Although there may be some adjusting to do by accountants and different professionals in the financial world, it would not be too big of a change for them, and in time would be as widespread as the current standards are.

  • Yes, IFRS is globally accepted.

    Much like the metric vs. Imperial argument, America should switch to IFRS simply because it is the global standard. America is very much a globalized economy, and so our reporting practices should follow suit. Colleges are already teaching IFRS to accounting students, so the switch shouldn't be that big of a deal.

  • Commerce Flows More Easily

    International Financial Reporting Standards (IFRS) should be adopted by the United States. It's a global economy. If each firm has the same accounting practices, then mergers, acquisitions and sales would be accomplished much easier and more efficiently. The world moves at the speed of business. There is no reason why American firms can't adopt international standards for accounting and financial reporting.

  • America hold on

    America has used GAAP for years so why change. GAAP is used and has strict accounting principles for counter acting fraud. Yes fraud is still possible but with GAAP it is harder to achieve this criminal act. And with other countries having different rules but on the IFRS how is that any better.

  • Standardization? I think not.

    First and foremost of these concerns is that even though IFRS has been “adopted” by many countries, the application and rules of it seem to be picked and chosen by each country. This results in a lack of continuity between the different countries that already use IFRS which defeats the purpose of having a single worldwide accounting standard. If the countries are going to pick and choose which standards they want to apply and which ones they don’t, it does not make sense to switch to a standard that does not accomplish what it was intended to do. This International standard ends up not being a standard at all defeating the purpose altogether.

  • IFRS vs. U.S. G.A.A.P.

    U.S. GAAP is more reliable and consistent than IFRS. Granted IFRS gives managers the fair deal to exercise their own judgment to report what to their financial statements. This can mislead the investors, cause errors on the financial reports. Fraud in very prominent in the world today and this certainly can promote fraudulent activity.

  • Doesn't increase comparability

    IFRS's big draw is that it will increase consistency and compatibility. The main problem with this is that different countries have different definitions of words thus resulting in different compliance. The culture of the country will have a big influence on how they account for things and there is no way that this an be overcome with current IFRS standards.

  • Continue As We Are

    No, we don't need to adopt anything, and can remain individualistic and carry on as we have. While the rest of the globe may use metric vs our ASM, we still use it and everyone converts appropriately, so this is not a valid argument as to why. The UK still utilizes their own standards of measurement similar to our own, side by side with the metric system, and yet unique within itself, as well.

    Not all countries, and certainly not all "superpowers" have converted to the IFRS, and it is documented in some cases, such as China's, that even if they have, they have falsified said reports even in keeping with the "standard." Again, we can have our own system of reporting standards and convert as necessary to IFRS, and other nations can do the same.

    It's a pluralistic world, and America is a pluralistic girl. ;)


Leave a comment...
(Maximum 900 words)
No comments yet.