The new hires need to develop an understanding of what is happening in the international corporate accounting climate. Many countries have already made the change to IFRS. The United States is moving in that direction. It will be important for them to have a foundation to build on with regard to their future development of expertise in the area of moving or translating U.S. GAAP to IFRS.
There have been some quiet discussions that IFRS is being promoted by large international companies. These companies see the theoretical foundation of IFRS to be a benefit to them. They believe the rules are open to interpretation and like this freedom.
Make a list of 5-10 pros and 5-10 cons of implementing IFRS in the United States.© BrainMass Inc. brainmass.com April 3, 2020, 8:35 pm ad1c9bdddf
Implementing IRRS in the US
1. Improved comparability of US financial statements with those of foreign countries:
2. No need for US multinationals to prepare separate financial statements for US and host countries in case of several countries:
3. Increased opportunities for US Companies for listing on foreign stock exchanges:
4. Same accounting system can be used in subsidiaries aboard;
5. The financial statements of US companies will have greater credibility abroad.
6. In foreign countries it IFRS is implemented in USA it becomes easier and faster to get ...
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