The president and CEO of the AICPA challenged the SEC last week “to immediately allow U.S. companies the option of using IFRS,” according to a recent Journal of Accountancy e-report. The option of using IFRS [International Financial Reporting Standards] would be “an effective way for U.S. companies, if they so choose, to level the playing field with their international competitors,” the AICPA president said, and would also narrow the “tremendous disparity” that exists between global companies based in the U.S., and global companies based virtually everywhere else in the world.
In related news, the AICPA has “has expressed profound disappointment with a Financial Accounting Foundation (FAF) proposal on private company accounting standard setting and is urging CPAs and others to weigh in on the debate,” says the latest JoA post. The BVWire just reported the FAF proposal last week, and will continue to update the proposal and the financial community’s response.
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