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

Will there be iodin set of accountancy standards in use throughout the world in the succeeding(prenominal) quintuple years? There is a global squawk for normalization of accounting standards. Today, this standard is known as planetary financial Reporting Standards (IFRS). Is it very common for non-U.S. companies to be listed on the impudent York declension Exchange. This makes the need for an accounting standard questment 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 delegation ( indorsement) now allows foreign companies that are listed in the New York sway Exchange to use IFRS. In prior years the randomness required such companies to reconcile their financial statements prepared down the stairs home country standards to U.S. generally accepted accounting principles (GAAP) (Mintz, 2010). The goal to allow foreign companies to report IFRS shows a drive in the direction of standardization. There are currently 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 single(a) 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 ado pted. In my opinion, and with the explore! 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 strickle the presentation of the financial statements and consideration of presentation alternatives.(Woods, 2012) According to Mintz (2010),...If you compulsion to get a full essay, order it on our website: OrderCustomPaper.com

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