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Subscribers to ASI’s E-Newsletter may have noticed the addition of a weekly survey to the news features section. Here we present the results of the August 10 survey.
The U.S. is contemplating adopting International Financial Reporting Standards (IFRS). IFRS are currently used by over 100 countries, and proponents believe these will bring greater consistency and comparability to corporate financial reporting. Are you familiar with IFRS?
Do you think the U.S. should adopt these standards?
“I do not like any overseas standards but ISO. REACH is a good example of a bad regulation!”
“If 100 nations can use it then we should use it too in my mind.”
“Unless this standard is substantially different than the current standard I would not see the benefit of using a new standard. Will the new standard stop what caused our current crash and burn?”
“Are we just trying to create an accounting empire? Our accounting department is 2x-3x larger than it needs to be to comply with standards, prep for audits, etc. Pretty soon there will be more accountants than workers.”
“Consistency and comparability sound good... crafty accountants will always try to cook books.”
“We all would benefit from a uniform standard for financial accounting. The U.S. `GAAP’ needs to be compared to, and maybe reconciled with, the IFRS. Possibly we would report in both formats for a few years, so readers of financial statements can get comfortable interpreting under the new (IFRS) rules.”