US Adoption of IFRS May Help to Jumpstart the US Economy PDF Download
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Author: Anne B. Fosbre
Publisher:
ISBN:
Category :
Languages : en
Pages : 10
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Book Description
The United States prompt adoption of International Financial Reporting Standards (IFRS) may help to jumpstart the US economy. Investors would be able to make comparisons and evaluate investment opportunities worldwide. US Multinational companies would be able to cut costs. In preparation of financial statements using IFRS the results presented usually portray higher figures. This would help to present more favorable valuations and help to promote growth with improved financial reporting. The result will be more job opportunities, a reduction in uncertainties, and may help to jumpstart the US economy. This paper examines existing differences in required reporting by the SEC as well as other factors affecting the adoption of IFRS in the US. We will review the effects of not adopting IFRS that may have contributed to the delay in the recovery of the US economy and the uncertainty that has been created.
Author: Anne B. Fosbre
Publisher:
ISBN:
Category :
Languages : en
Pages : 10
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Book Description
The United States prompt adoption of International Financial Reporting Standards (IFRS) may help to jumpstart the US economy. Investors would be able to make comparisons and evaluate investment opportunities worldwide. US Multinational companies would be able to cut costs. In preparation of financial statements using IFRS the results presented usually portray higher figures. This would help to present more favorable valuations and help to promote growth with improved financial reporting. The result will be more job opportunities, a reduction in uncertainties, and may help to jumpstart the US economy. This paper examines existing differences in required reporting by the SEC as well as other factors affecting the adoption of IFRS in the US. We will review the effects of not adopting IFRS that may have contributed to the delay in the recovery of the US economy and the uncertainty that has been created.
Author: Luzi Hail
Publisher:
ISBN:
Category :
Languages : en
Pages : 104
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Book Description
Drawing on the academic literature in accounting, finance and economics, we analyze economic and policy factors related to the potential adoption of International Financial Reporting Standards (IFRS) in the U.S. We highlight the unique institutional features of U.S. markets to assess the potential impact of IFRS adoption on the quality and comparability of U.S. reporting practices, the ensuing capital market effects, and the potential costs of switching from U.S. GAAP to IFRS. We discuss the compatibility of IFRS with the current U.S. regulatory and legal environment as well as the possible effects of IFRS adoption on the U.S. economy as a whole. We also consider how a switch to IFRS may affect worldwide competition among accounting standards and standard setters, and discuss the political ramifications of such a decision on the standard setting process and on the governance structure of the International Accounting Standards Board. Our analysis shows that the decision to adopt IFRS mainly involves a cost-benefit tradeoff between (1) recurring, albeit modest, comparability benefits for investors, (2) recurring future cost savings that will largely accrue to multinational companies, and (3) one-time transition costs borne by all firms and the U.S. economy as a whole, including those from adjustments to U.S. institutions. We conclude by outlining several possible scenarios for the future of U.S. accounting standards, ranging from maintaining U.S. GAAP, letting firms decide whether and when to adopt IFRS, to the creation of a competing U.S. GAAP-based set of global accounting standards that could serve as an alternative to IFRS.
Author: Zehra G. Kavame Eroglu
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Historically, every country had its own accounting standards, each merging to some extent with its local corporate, labor, and tax laws. No matter how undesirable, it was natural to expect differences among nations. Globalization made these differences so impractical that from corporate leaders to accountants to government officials, many pushed for harmonized accounting standards. Pursuing this goal, a private international organization was created to set standards for the world. Currently around 120 countries require or permit International Financial Reporting Standards (IFRS), however, the United States is yet to make a decision to adopt these international standards.The adoption of IFRS in the United States would, in theory, be easier compared to the experience of the European Union. The EU mandated that all publicly traded firms use IFRS in their consolidated financial statements from 2005 onwards. Several issues are yet to be resolved, but Europe managed to achieve what was once thought to be an insuperable task in coordinating a common standard for its Member States. If the adoption of IFRS in the United States would be easier than the EU experience, why has the United States not adopted IFRS? With this paper, I argue that IFRS are a set of U.S. supported Anglo-American accounting standards. Further, that the reason for creating IFRS was not necessarily for the United States to adopt them but to convert the patchwork of accounting standards around the world into a single system that is similar to U.S. GAAP.
Author: Francesco Bellandi
Publisher: John Wiley & Sons
ISBN: 0470977124
Category : Business & Economics
Languages : en
Pages : 847
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Book Description
An indispensable guide to making the transition to dual IFRS/GAAP financial reporting U.S. financial reporting will undergo an unprecedented level of change within the next several years. U.S. companies face a convergence between U.S. GAAP and IFRS, affecting several major accounting standards—most notably in the areas of leasing, revenue recognition, and financial instruments. It is imperative that U.S. companies understand these major changes and their business and operational implications. The IFRS U.S. GAAP Dual Reporting Handbook to First-Time Adoption offers a comprehensive treatment of both the principles and techniques of dual reporting under IFRS/U.S. GAAP, while exploring the practical implications for accounting professionals of reporting under both sets of standards. Takes an operating approach to the implementation and application of the dual standards Draws upon the author's extensive firsthand experience to dispel uncertainty and offer decision makers expert technical assistance Defines systemic changes businesses will need to make to accommodate IFRS standards Compares the two bodies of standards item-by-item and identifies solutions under one set of standards to issues arising under the other Explores the strategic impact of structuring a company for IFRS transition In addition to covering the full range of critical issues surrounding adopting IFRS, this indispensable handbook is a rich resource of dual reporting tools, including financial statement formats, charts of accounts, accounting check-lists, reconciliation schedules, and operating manuals.
Author: Jennifer Yardley
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 112
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Book Description
The rise of International Financial Reporting Standards (IFRS) as a contender to be the single globally-accepted set of accounting standards has been accompanied by a wealth of research studying the consequences of IFRS adoption. However, prior research does little to address the potential effects of and market sentiment toward the use of IFRS rather than U.S. GAAP in the United States. This study fills this gap by examining the accounting standard choices of foreign private issuers in the United States. In addition to identifying the factors that are associated with a firm's accounting standard choice in the U.S., this study addresses the capital market reaction to this choice by comparing the value relevance of U.S. GAAP and IFRS financial statements and the trading volume reaction surrounding earnings announcements. Several firm characteristics prove to be significantly related to firms' accounting standard choices in the United States, supporting the idea that firms choosing IFRS or U.S. GAAP are making this decision based on relative costs and benefits. Larger firms that are listed on more exchanges are more likely to use IFRS. Firms are also more likely to use IFRS in the United States when they are required to use IFRS in their country of incorporation. Several other factors are related to accounting standard choice to a lesser extent. Results suggest that the different accounting standards used by these firms is associated with the market reaction to their accounting information. While book value and operating cash flows appear to be more value relevant under U.S. GAAP, earnings are more value relevant under IFRS. Additionally, IFRS financial statements appear to be more value relevant as a whole for foreign private issuers. However, additional tests suggest that these differences in value relevance may be driven by firm characteristics other than accounting standard choice. A firm's accounting standards are also related to the market reaction surrounding the earnings announcement, with firms using IFRS experiencing less abnormal trading volume. Once again, the possibility that these differences in trading volume could be related to other firm characteristics cannot be ruled out. Taken together, the results suggest that IFRS may be just as useful as U.S. GAAP to investors in the United States, if not more so, for foreign private issuers.
Author:
Publisher:
ISBN:
Category : Cash management
Languages : en
Pages : 616
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Book Description
Author: SAGE Business Researcher
Publisher: SAGE Publications
ISBN: 1506384358
Category : Business & Economics
Languages : en
Pages : 492
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Book Description
How different is the sharing economy from the traditional economy? What can entrepreneurs learn from failure? Can start-ups change the world? SAGE Business Researcher’s Issues in Entrepreneurship offers an in-depth and nuanced look at a wide range of today’s latest issues and controversies in entrepreneurship. This new collection of timely readings delves into current topics such as learning from failure, social entrepreneurship, flat management, crowdfunding, and more. Written with the rigor and immediacy of the best explanatory journalism, each issue provides deep, balanced, and authoritative coverage on the selected topic and key research, pointing students to reliable resources for further inquiry. These articles are perfect for outside reading assignments or in-class debates for any introductory entrepreneurship course.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 1468
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Book Description
Author: Luc Eyraud
Publisher: International Monetary Fund
ISBN: 1513576518
Category : Business & Economics
Languages : en
Pages : 85
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Book Description
Sub-Saharan African countries are facing an unprecedented health and economic crisis that is likely to severely hurt credit quality and raise non-performing loans from already high levels. Banks have a critical role to play not only during the crisis by providing temporarily relief to businesses and households, but also during the recovery by supporting economic activity and facilitating the structural transformations engaged by the pandemic.
Author: Mark Lang
Publisher: Now Publishers Inc
ISBN: 1601984480
Category : Business & Economics
Languages : en
Pages : 79
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Book Description
This monograph reviews the existing accounting, finance and economics literature on the economic effects of transparency in international equity markets, considers aspects of an international setting that make it an interesting environment for investigating these effects, and suggests directions for future research
