The CPA Journal

The CPA Journal

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Christina D.

Christina

The SEC Staff Report on IFRS: Kicking the Decision Down the Road

Assistant Editor

NYSSCPA Editor-in-Chief Mary-Jo Kranacher gives readers an insight into the SEC's staff report on IFRS. What do you think about the points raised in the report? Do you think we're getting closer to a single set of high-quality accounting standards?

Click on the link below to read more.

The CPA Journal - August...

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  • August 24, 2012
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  • Brian K. S.

    Brian K.

    Brian K. S.

    at Richard A. Saso, CPA, Inc. & Investment Advisor Affiliate at Caldwell Securities

    No, I do not believe we are getting closer to a single set of high-quality accounting standards. Given the many cultural disparities among nations alone, it will be just about impossible to impose a one-world global standard on accounting practices and policies. Too many of the accounting standards abroad are written too loosely and endanger accounting standards that help to identify fraud in the U.S. Too many entities abroad are willing to embrace international costs of doing business like bribery as a way of business the U.S. is reluctant to do. And other nations do not want to be held to the standards the U.S. is held to either which is precisely why wording of other standards is so vague and hard to pin down.

    I do not believe there can ever be a one-size-fits-all solution.

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    - -.

    I disagree entirely. Globalization is something that is happening naturally, not over-night, but very slowly. If we look at the biggest companies in the United States they all do business around the world. The thinking is that if a convergence is done too rapidly it will have a BANG cost effect. If implemented slowly through the convergence efforts that the IASB and FASB are currently doing, it will not be very expensive and the reporting standards will be more standardized to give a better picture of what a company like Coca-cola is doing vs. another company competing in a different country. That being said I believe contigencies will be a difficult concept to consolidate since the U.S. is a very litigious society compared to the rest of the world.

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