Throughout our textbook, the authors continually points out differences between the financial...

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Throughout our textbook, the authors continually points out differences between the financial accounting rules in the U.S. (GAAP) and internationally (IFRS). While most everyone agrees that capital markets and investors would be better served by e a single set of high quality worldwide accounting standards, getting there has proved very controversial. At present, the SEC is considering whether U.S. public corporations should be allowed or required to adopt IFRS. This week's discussion question: Should the SEC eventually approve the conversion to / adoption of IFRS by U.S. domiciled, SEC-registrant companies. Why or why not? Support your initial posting with citations from assigned readings.for now please do this for me. after that I have two more..please (one page XXXXXXXXXXwords
	
Document Preview: Time for the U.S. To to Move to IFRS, Says This Member
Phil Ameen
Financial Executive; Oct 2010; 26, ABI/INFORM Global8; 
pg. 20
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David · Accepted Answer

SOLUTION: 
International Financial Reporting Standards (IFRS) are a set of accounting standards formulated 
by International Accounting Standards Board (IASB) that are now becoming global standard fir 
formulation of public company financial statements. From last many years, Securities Exchange 
Commission has been shown its support for a core set of accounting standards that could be a 
framework for financial reporting in cross-border offerings. Securities Exchange Commission is 
in the favor of incorporating International Financial Reporting Standards into financial reporting 
system for United States issuers.

Throughout our textbook, the authors continually points out differences between the financial accounting rules in the U.S. (GAAP) and internationally (IFRS). While most everyone agrees that capital...

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