RegulationAccounting StandardsUS accountants preparing for global financial reporting rules

US accountants preparing for global financial reporting rules

IFRS is winning support among accountants and FDs, says survey

More than half of US accountants are preparing for widespread adoption of
international financial reporting standards, according to the American Institute
of Certified Public Accountants.

After initial scpeticism US accountants now appear to have swung behind IFRS,
according to a survey of 1,495 AICPA members.

Support for IFRS seems to have been boosted by the US Securities and Exchange
Commission proposing a timeline for transitioning – and possibly for mandating
that publicly traded US companies begin replacing US GAAP – within the next
decade.

A greater proportion of AICPA members said they were prepared for
international accounting rules compared to when they were last surveyed in
April. So far more than 100 countries have adopted some form of IFRS.

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