Here we present the results of the August 10 ASI E-Newsletter survey.
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.
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
“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?”
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.”
and comparability sound good... crafty accountants will always try to cook
“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.”