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Considering that the United States is moving ahead with the adoption of IASB, what other challenges...

Considering that the United States is moving ahead with the adoption of IASB, what other challenges do you believe will be inherent in the process? why or why not?

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Expert Solution

Solution:

Following are the issues

1. United States: SEC’s chief accountant says that there is no support for mandatory adoption and little support for voluntary adoption by domestic issuers.

2. IFRSs are not sufficiently detailed and comprehensive. IFRSs do not include industry standards IFRSs would be too costly for small listed companies. Voluntary adoption would lead to non-comparability in US markets. IFRSs would not necessarily be responsive to the needs of US constituents SEC and Congress would lose direct oversight over standard setting.

3. Whether its standards should continue to be principles-based, or become more rules-based Whether its standards should reflect a balance-sheet or income-statement focus How to weigh relevance against reliability Whether to use more fair value in its standards

4.  Because of different business customs, accounting and auditing cultures, regulatory cultures, and income tax laws, there will inevitably be differences in the interpretation and application of IFRSs across countries

ekkarill92 answered 2 years ago
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