August 24, 2011 9:43:58 am
Adoption of IFRS Hinges on the U.S.
The Institute of Chartered Accountants in England and Wales has announced that if the U.S. Securities and Exchange Commission refuses to adopt International Financial Reporting Standards (IFRS), it could end the possibility of a uniform worldwide accounting standard.
A number of other countries are still deciding whether to adopt the standards, particularly Asian countries such as Japan and India. Since these countries are still “sitting on the fence,” U.S. adoption would likely give them the incentive they need to make a decision for IFRS.
For more discussion on U.S. adoption of IFRS, please see GFS News.
Tags: Accounting Standards, Audit
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