Bye Bye US GAAP, Hola IFRS!

Bye Bye US GAAP, Hola IFRS! - Shu-Ya Peng INSTRUCTOR...

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Shu-Ya Peng I NSTRUCTOR  A SSIGNED  A RTICLE  S UMMARY B YE  B YE  US GAAP, H OLA  IFRS! S UMMARY The SEC proposed U.S. should switch to IFRS by 2014 and companies can have the  option to switch early by 2010. Globally, over 100 countries have either required or  allowed companies to use IFRS for accounting rules. Changing from GAAP to IFRS will  affect how companies can result in changes in both investor and corporate behavior. The  valuation can change thus affect investor’s decisions. Although IFRS is widely used,  different countries apply it in a different way that it maybe difficult for comparison. IFRS  is also more principles based while U.S. GAAP is much more specific. When  accountants apply IFRS, they need to use more professional judgment to take a step  back and analyze the underlying economy.
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