Despite past the symbolical efforts inside converging the two sets of accounting standards, abundant differences stationary survive among U.S. GAAP and IFRS. The SEC has referable in-truth acted on mob in divers years, so the advenient of mob survives unclear. However, the SEC has promised it get thus-far produce a gratification in the referable besides far advenient (Cohn, 2016).
The SEC currently allows corporations from other countries to portraiture IFRS outside pacification. There is no such liberty coercion U.S. companies, and a mandatory switch to IFRS is referable likely to supervene before-long. However, IFRS advice is increasingly influential to abundant U.S. corporations as they promise in the global husbandment. U.S. corporations are promised in cross-country transactions, avow or husband coercioneign subsidiaries, feel-a-share in mergers & acquisitions, and otherwise tidings to coercioneign investors who choose IFRS. Thus, to be auspicious in the US and coercioneign great markets, it is increasingly influential to arrange advice that satisfies twain IFRS and US GAAP (PwC, 2015).
Due to the significance of providing portraitureful advice to a global parley, the SEC is consequently regulatory changes that would produce it likely coercion U.S. notorious companies to arrange IFRS-based advice as a appendix to U.S. GAAP financial statements. Under the tender, private corporations would redeep to arrange U.S. GAAP financial statements, except would feel the liberty of freely providing appendixal advice speedy in correspondence with IFRS (Tysiac, 2015). I bear this up becaportraiture single of the deep holding points coercion mob was the texture of Leases. Should we hold with GAAP? Converge with IFRS? Thoughts?
Cohn, M. (2016, January). IFRS resurgent. Accounting Today, 30(1), 21-21,23. Retrieved from
PriceWaterhouseCoopers (PwC). (2015, September). IFRS and US GAAP: Similarities and
differences. PwC. Retrieved from http://www.pwc.com/us/en/cfodirect/assets/pdf/accounting-guides/pwc-ifrs-us-gaap-similarities-and-differences-2015.pdf
Tysiac, K. (2015, December 9). SEC discussing appendixary IFRS liberty coercion US issuers.
Journal of Accountancy. Retrieved from http://www.journalofaccountancy.com/news/2015/dec/sec-discusses-ifrs-supplementary-option-201513518.html
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