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Unformatted text preview: Moreov er, there is still no decision by the Securities and Exchange Com m ission as to w hether the U .S.
w ill giv e up G enerally Accepted Accounting Principles, know n as G AAP, and instead use I nternational
Financial R eporting Standards (I FR S), w hich are applied by ov er 1 00 countries.
By rejecting I FR S, the U .S. w ould deal a m ajor blow to the prospect of unified global accounting
standards -- a goal that is w idely endorsed, including by m any Am erican com panies and inv estors.
The U .S. w ould alm ost certainly lose its current m ajor influence on the setting of international rules
including its role in the ov ersight of the I ASB. That w ould be a loss: The U .S. has been a positiv e
influence bringing authority and expertise in accounting m atters. That influence w ould also benefit
global capital m arkets and inv estors by countering the grow ing clout of countries that m ay pursue
less capital-m arket oriented goals w ith financial reporting.
Perhaps ev en m ore im portantly , a perceiv ed unw illingness by the U ....
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- Spring '14