The U.S. Securities and Exchange Commission (SEC) roadmap issued in 2008 may eventually move U.S. issuers to report under International Financial Reporting Standards (IFRS). Consider the following...

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The U.S. Securities and Exchange Commission (SEC) roadmap issued in 2008 may eventually move U.S. issuers to report under International Financial Reporting Standards (IFRS). Consider the following critical questions of such a move:
a. IFRS lack detailed rules when compared to U.S. GAAP. Shouldn’t IFRS be further developed and improved before mandating them?
b. An effort is already under way to converge U.S. GAAP and IFRS. Why not just keep converging?
c. How will U.S. interests be protected if standard setting is the responsibility of a non-U.S. organization?
Required:
As one who believes that U.S. companies should use IFRS instead of U.S. GAAP in their financial statement filings with the SEC, how would you answer each of the above critical questions?


Answered Same DayDec 24, 2021

Answer To: The U.S. Securities and Exchange Commission (SEC) roadmap issued in 2008 may eventually move U.S....

Robert answered on Dec 24 2021
120 Votes
Answer1.
How to reproduce the finances of transactions in financial statements is given in the
guide users of those standards and high-quality values have to set apparent principles. So that
this combination with clear the disclosures for the good financial reporting. The main aim of
the U.S. GAAP and IFRS has to deliver same high – quality economic of transaction in
financial system and make clear disclosure for the good financial reporting. Globally this
mission is accomplished by the U.S GAAP and IFRS. Still now both of them required major
improvements in related sections to sustain the highest point of quality. So that it could be
say that IFRS will take time to improve through the normal standard setting process as per the
necessary changes are required in the business. Hence, it would be required some years (five
to seven years) for major changes and improvements can be...
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