DB2- Attestation Update - A&A for CPAs

DB2- Attestation Update - A&A for CPAs - Ar g uments...

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1/23/2014 Arguments for adopting IFRS are weak, arguments against have validity. Therefore we obviously should adopt IFRS. | Attestation Update - A&A for CPAs http://attestationupdate.com/2011/06/28/arguments-for-adopting-ifrs-are-weak-arguments-against-have-validity-therefore-we-obviously-should-adopt-ifrs/ 1/4 Attestation Update – A&A for CPAs Technical stuff for CPAs providing attestation services Arguments for adopting IFRS are weak, arguments against have validity. Therefore we obviously should adopt IFRS. with one comment That is my (biased) summary of the reasons to adopt IFRS, as explained in an article by Professor Christian Leuz, Accountants of the World Unite!: Business Class Having already taken an implied position that IFRS is not a good thing for the United States, I guess I will jump in further. A new argument raised by Prof. Leuz in favor of full adoption of IFRS is that failure to do so would surrender the US lead in furthering global financial regulation in other areas. Rejecting IFRS would deal a major blow to the prospect of unified global accounting standards. Everyone says that having a consistent, unified set of accounting standards that would apply across the globe is a good thing. Why that is a good thing is simply assumed because some, or many (or maybe just a few) companies, investors, and pundits think it’s a good idea. Yes, yes, the heart of the argument really is ‘a lot of people think it’s a good idea’. Remember that “unified global accounting standards” goal later in the article when you read that any country that does not like any particular part of IFRS can opt out of that part of the standards. Unified? Global? Only to the extent that any country can opt out of anything they don’t like. On to some of the arguments in favor of, and opposed to, adoption of IFRS. Read the article for the full comments from which I will editorialize.
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