Do you think the US should adopt IFRS. Why or why not? (I realize you have limit
Do you think the US should adopt IFRS. Why or why not? (I realize you have limited information about this and I do not expect you to do any other research. I really just want your opinion about changing from US GAAP to IFRS).
Watch the videos linked below about IFRS. You have been reading about the international standards at the end of each chapter. There is still some uncertainty about when and how and if the US will switch over to International Financial Reporting Standards. The SEC has not yet decided whether or not to proceed with incorporating IFRS into U.S. financial reporting or how it would be done. The AICPA video linked below indicated the SEC might make a decision by the end of 2011 and here we are in 2021 and still no decision!
AICPA Videos on IFRS:
Hans Hoogervorst (IASB chairman) on IFRS progress in the US:
Importance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards.
IFRS Standards – why do they matter?
IFRS Reporting: Lessons learned from the European experience
Who Uses IFRS?
SEC discusses supplemental IFRS plan
The option would permit U.S. issuers to provide information in addition to U.S. GAAP.
February 1, 2016
This proposal was put on hold because of leadership changes at the SEC and there is no indication of SEC’s intent under the new leadership.