Ifrs, Gaap Accounting Convergence Could Take Years

Summary

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WASHINGTON (HedgeWorld.com) - As the Securities and Exchange Commission prepares for two roundtables, scheduled for Dec. 13 and 17, to collect feedback from the public on the issue of allowing U.S.-based companies to adopt the International Financial Reporting Standards, rather than the current Generally Accepted Accounting Principles, for their filings, some accountants are urging universal adoption of the IFRS. Not everyone agrees with that approach, however.

Lisa Filomia-Aktas, of Ernst & Young, said in an interview Tuesday [Nov. 27] that the SEC should press all U.S. issuers to adopt IFRS.

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Ifrs, Gaap Accounting Convergence Could Take Years

As Ernst & Young itself set out in a comment letter to the SEC on Nov. 13, a single set of global standards will require many changes, both internationa...

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