ACC 303 Week 2 Discussion | Assignment Help | Strayer University
- strayer university / ACC 303
- 04 Feb 2020
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ACC 303 Week 2 Discussion | Assignment Help | Strayer University
Week 2 Discussion
"IFRS & the
United States – Yes or no?"
Most of the world’s
capital markets now require IFRS for the financial statements of publicly
traded companies. The remaining major capital markets without an IFRS mandate
are:
·
The United States, which
has no plans to change
·
Japan, where voluntary
adoption is permitted but not required
·
China, which intends
to fully converge at some undefined date
The SEC issued a
report on the implications of incorporating IFRS into the US system for
financial reporting in 2012 and found little support for the adoption of IFRS
as authoritative guidance in the US. Although mandatory use of IFRS for US
companies is not required, the SEC representatives suggested FASB and IASB
should work together to eliminate differences when in the best interest of
capital markets in 2016. In 2017, the SEC Chair pointed out the SEC should
support efforts by FASB and IASB to converge the accounting standards to
enhance the quality and comparability of financial reporting. The SEC is also
discussing the possibility of allowing domestic companies to voluntarily submit
IFRS financial information (without reconciliation) in addition to their US
GAAP financial statements.
·
For this Week’s
Discussion, please explain whether or not you think that US companies need to
understand IFRS. Since it is not required here, is it even relevant to US
companies? If you were a large investor based in the US, does IFRS matter to
you? Why or why not?
Lastly, respond to at least one (1)
post of your peers.
USA 
India