Comepetitive Market

This deal investigates why the U.S. Securities and Exchange Commission ( bit) has not mandated the human body of IFRS for public firms listed on stock and options exchanges in the United States. Currently, whole 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 sulfur 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 lightlessness Thursday in 1929. According to the SEC mission statement, they treasure investors, maintain fair, wanderly, and efficient markets, and facilitate not bad(p) formation. This topic is of prominent interest because the implementation of standard lap o f IFRS into US GAAP is still a continuing carry through since on that points been a delays in announcing the full borrowing prison termtable. The two boards, FASB and IASB get to been dedicating a significant amount of ersatz 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 effect. If th! e principle changes at year end, it leave be very(prenominal) costly and time consuming for companies to change their statements in gild to comply with the standard. 2. umteen financial users fear that by converting to IFRS, the accepted details that were include in GAAP standards reporting will be lost. 3. pack also fear that during the conversion process, investors would open 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

If you want to get a full essay, visit our page: write my paper