Comepetitive Market

This deal investigates why the U.S. Securities and Exchange Commission ( bit) has not mandated the intent of IFRS for public firms listed on stock and options exchanges in the United States. Currently, each in all publicly-traded and privately-held companies, non-profit organizations, and governments must use Generally recognized Accounting Principles (generally accepted accounting principles) to prepare, present, and report financial statements. The selective information requires all publicly-traded companies follow US generally accepted accounting principles established by the Financial Accounting Standards Board (FASB). The SEC was created in 1934 by the US Congress during the Great drop-off following the events of discolour Thursday in 1929. According to the SEC mission statement, they harbor investors, maintain fair, wanderly, and efficient markets, and facilitate not bad(p) formation. This topic is of enceinte interest because the implementation of standard la p of IFRS into US GAAP is still a continuing carry through since in that locations been a delays in announcing the full borrowing prison termtable. The two boards, FASB and IASB have got been dedicating a significant amount of alternate and effort in advancing their goal since 2002 and targeted to be have sex by 2016. Reasons the US SEC mandated the adopted IFRS 1.

IFRS 1 requires that when adopting IFRS for the offset time, companies need to prepare their financial statements using the standards in magnetic core as of the reporting date. This could be difficult for companies since it is firmly for them to predict the exact standard in ef! fect. If the principle changes at year end, it bequeath be very costly and time consuming for companies to change their statements in effect to comply with the standard. 2. umteen financial users fear that by converting to IFRS, the sea captain details that were include in GAAP standards reporting will be lost. 3. pack also fear that during the conversion process, investors would plunge information presented enigmatic since they are not used to or not meliorate to this form of financial...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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