4 Responses to What is IFRS and why are global economies looking at one accounting standard?

  1. Venu says:

    A country’s intention to adopt IFRS or converge with IFRS is highly admirable and to be applauded,because it benefits mainly the corporate world.

  2. kiran says:

    Dear Winni.. first of all thanks for the article. IFRS is making all the countries to be on same page in accounting. Thanks for it, as people with accounting knowledge will have plenty of jobs in various parts of the world.

  3. David Albrecht says:

    Adoption of IFRS is a bad idea for USA. American GAAP can be described as rules with bright lines, setting the boundaries for acceptable reporting. Although there is a long tradition of US auditing firms being unable to get companies to comply, there is some evidence that the bright lines at least get companies in the neighborhood of acceptable accounting.

    With wimpy auditors, and no bright lines in IFRS, American companies will have a field day as they massage their numbers to report anything they damn well please. We’ll have a wave of scandals hitting the press 3-5 years after initiation of IFRS in the USA.

  4. Sudhir Pai says:

    David,

    American GAAP certainly is a very old one may have bright lines. But, over the recent years starting from Enron, MCI and now all the financial turmoils……very directly says that time might have come for a change. I don’t think the super power must tolerate such scams and scandals and put an end to it ASAP. I’m of the opinion that one accounting standard globally will pave a way for transperant, ethical, responsible and an comparable set of financial Statements….and will prove a blessing for all the accountants around!

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