Ifrs Adoption in the U.S, Why the Postponement

IFRS ADOPTION IN THE U.S; WHY THE POSTPONEMENT By Liu, Qun,Hiltebeitel, Kenneth Monday, November 1 2010 make on AllBusiness In November 2008, the atomic number 16 proposed a Roadmap for Potential physical exertion of fiscal Statements Prepared in Accordance with planetary Financial Reporting Standards [IFRS] by U.S. Issuers. The unsweet road map minute a process and a set of milestones by which certain(prenominal) boastfullyr universal companies (those with a public float of at least $700 million) in the United States would transition from financial account based on U. S Generally Accepted write up Principles (GAAP) to that based on 3FRS root in 2014, with smaller public companies adopting IFRS in 2015 and 2016. Based on the timeline contained in the proposed road map, if large public companies make their filings for 2014, they would be required to include relaxation sheets for December 31, 2013, and December 31, 2014, and income statements, cash flow statements, and statements of changes in stockholders truth for the years ended on December 31, 2012, 2013, and 2014. In addition, the International Accounting Standards Board (IASB) requires companies adopting IFRS for the first time to present the beginning balance sheet as of the date of transition (i.e., January 1, 2012).

Therefore, IFRS espousal by 2014 really means a transition scratch line as early as January 1, 2012. Is it possible? After the SEC issued its proposed road map for public comment in November 2008, more than than 200 comment letters were submitted from a wide diversity of market participants, including those representing investors, regulators, issuers, accounting, legal, and other professions, as well as members of academia, standards setters, and world-wide organizations. Those comment letters, along with survey results, could affect the SECs end regarding incorporating H7RS into the financial reporting system by 2014. On February 24, 2010, the SEC published a statement regarding feedback to the comment letters and... If you wishing to get a full essay, order it on our website: Orderessay

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