Abstract
In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). By the end of 2011, the SEC will likely decide on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper examines the benefits and drawbacks of each option and formulates a recommendation as to which option is in the best interest of U.S. investors.
Highlights
T he American Institute of Certified Public Accountants (AICPA) has recently begun promoting an International Financial Reporting Standards (IFRS) certificate program
Members will receive forty-two hours of continuing education credits plus a Certificate of Educational Achievement (AICPA, IFRS Certificate Program). This seems to make sense; perhaps we should make haste to enroll in this or some other IFRS education program, especially if we believe the daily hype, which suggests that the U.S move to IFRS is a foregone conclusion
On September 18, 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) crafted a memorandum of understanding known as the Norwalk Agreement (FASB, The Norwalk Agreement)
Summary
T he American Institute of Certified Public Accountants (AICPA) has recently begun promoting an International Financial Reporting Standards (IFRS) certificate program. Members will receive forty-two hours of continuing education credits plus a Certificate of Educational Achievement (AICPA, IFRS Certificate Program). This seems to make sense; perhaps we should make haste to enroll in this or some other IFRS education program, especially if we believe the daily hype, which suggests that the U.S move to IFRS is a foregone conclusion. By the end of 2011, the SEC will likely decide on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S public companies, continue with the convergence project that began in 2002, or reject IFRS altogether. This paper examines the benefits and drawbacks of each option and formulates a recommendation as to which option is in the best interest of U.S investors
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