by Erin McCune on December 17, 2007

in Financial Reporting

It's not surprising that larger companies are in favor of moving more quickly to international financial reporting standards (IFRS) than smaller companies. More than 100 countries already use IFRS and the SEC is debating whether to stick with the status quo or abandom US GAAP in favor of the international accounting standard. Last week a roundtable discussion at the SEC allowed a number of finance and accounting leaders to offer their opinion…

[Excerpt from] The panelists were divided about whether the SEC should mandate the use
of IFRS in the United States. They agreed, however, that a single set
of globally accepted accounting standards would likely make it easier
for the users of financial statements to compare them across borders.
They recommended the SEC should design a clear timeline for when
companies should begin considering such a change and for when they
have to make the conversion.

Read more:

Finance Bigs Like Mandated Global Accounting Rules
Sarah Johnson | US
December 13, 2007

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