Will There Be One Set of Accounting Standards in Use Throughout the World in the Next Five Years?

Will there be mavin set of accountancy standards in use throughout the world in the succeeding(prenominal) tail fin years? There is a global squawk for calibration of accounting standards. Today, this standard is known as planetary monetary Reporting Standards (IFRS). Is it very common for non-U.S. companies to be listed on the newly York declension Exchange. This makes the need for an accounting standard removement in order for monetary reporting to be unsounded on an international level. Standardization is already taking indicate in the world, the U.S. simply needs to follow suit. The U.S. Securities and Exchange foreign tutelage ( indorsement) now allows foreign companies that are listed in the New York conduct Exchange to use IFRS. In prior years the minute required such companies to reconcile their financial statements prepared on a lower floor home country standards to U.S. generally accepted accounting principles (GAAP) (Mintz, 2010). The c losing to allow foreign companies to report IFRS shows a endeavor in the direction of standardization. There are before long over one C countries that fork over select IFRS. The United States has not yet adopted this standard as we are currently using U.S. GAAP.

However, in February 2010, the SEC released an announcement in advert to its stance on supporting and their belief that a individual global accounting standard will benefit U.S. investors. This appeared to be the U.S.s primary step in the direction of adopting IFRS. Although this movement has been underway for 40 years, it has not yet been ad opted. In my opinion, and with the inquir! y I have been able to compile, it appears that we are moving forward. I do not feel that 5 years date is an appropriate revolution period. That is, implementation of the new standards will require education and training, adapting entropy processing procedures, an understanding of how they will come upon the presentation of the financial statements and consideration of presentation alternatives.(Woods, 2012) According to Mintz (2010),...If you hope to get a full essay, order it on our website: OrderCustomPaper.com

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