The U.S. Still Far From Using IFRS

by Kevin McGarry 13. September 2012 10:12
In July 2012, the SEC issued a report describing the issues that the U.S. would face if they got rid of U.S. GAAP. Regulators said they needed to do additional research before revisiting the controversial subject. One of the main drawbacks and hold ups from the U.S. moving towards IFRS is the sheer burden of converting. It would take a huge effort on individuals and high costs to change the vast number of references to U.S. GAAP in U.S. regulations and laws. To combat this fear, there was a hope that IFRS would be approved and tailored for U.S. companies on an as-needed basis. However, many countries that use IFRS modify the standards for their markets, which causes a lack of consistency across the world. To better understand the issues and concerns that face the U.S. with a possible switch to IFRS, please see the full report issued by the SEC. If you have any questions or concerns, please do not hesitate to contact me at kmcgarry@urishpopck.com.
Categories: Tax