US Federal Reserve chairman and the treasury secretary have made their
strongest commitment yet to switching to international financial reporting
standards to replace US GAAP.
Ben Bernanke and Henry Paulson spoke out on Thursday in support of efforts to
move toward IFRS with the aim of attracting more foreign companies to the US.
‘There are different accounting regimes that have different standards and
different requirements. That doesn’t make them worse than ours,’ Paulson told
lawmakers during a House Financial Services hearing on financial regulation,
‘We’ve had plenty of issues … in our own accounting regime,’ he added.
Over 100 countries around the world have now endorsed IFRS for use in cross
border transactions, including the European Union.
In November the US Securities and Exchange Commission ruled that foreign
companies could submit IFRS financial statements instead of undergoing the
costly, time-consuming business of reconciling their accounts to US GAAP.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
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