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?

Solutions

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 1 year ago

Next > < Previous

Related Solutions

In 1999, the United States was experiencing a fairly strong economic recovery, ahead of other nations....

In 1999, the United States was experiencing a fairly strong economic recovery, ahead of other nations. Fears of an overheating economy led to sudden inflationary fears for the next few years. 3 - Would you expect U.S. interest rates to rise or drop? 4 - Would you expect the dollar to depreciate or appreciate? 5 - Would you expect a foreign bond portfolio to be a good investment compared to a U.S. dollar portfolio under this scenario? 6 - Is...

Looking ahead, what do you see as the future level of crime inthe United States?...

Looking ahead, what do you see as the future level of crime in the United States? What specific changes do you expect to see in the strategies and policies by which our society responds to crime? What changes would you like to see toward the goal of improving U.S. society?

What are the major challenges in trade (and national security) between China and United States?; What...

What are the major challenges in trade (and national security) between China and United States?; What are the differences in political economy between US and China that created the above major challenges?; What should be the short term and long term approach in resolving the issue? write as much as possible thanks

What challenges and opportunities do non-English speakers face in the United States? In schools? In the...

What challenges and opportunities do non-English speakers face in the United States? In schools? In the workplace or workforce? In other everyday environments?

What is the validity to the assumption that migrating to the United States from other parts...

What is the validity to the assumption that migrating to the United States from other parts of the countries will have a profound effect on the cultural integrity of the kid growing up. **Basically I know the question maybe be confusing to understand but what I want to explore in this topic is the assumption people have with Americans having no culture and like other countries Pakistan or India, they have a sense of family hood here in the states...

What is the validity to the assumption that migrating to the United States from other parts...

Is the United States and imperialist power? Has the United States grown rich by exploiting other people?...

Is the United States and imperialist power? Has the United States grown rich by exploiting other people? Do American companies engage in fair trade? Has and does the United States use military and political power to force others to exchange products at unfair prices? Is imperialism central to the success of American capitalism?

- Describe the health challenges of American Indian and Alaskan Native people in the United States,...

- Describe the health challenges of American Indian and Alaskan Native people in the United States, as well as their beliefs about causes of illness and healing practices. - Are there cultural steps that can help prevent their illnesses? How would you use a multicultural evaluation to assess their medical situation?

Describe the health challenges of American Indian and Alaskan Native people in the United States, as...

Describe the health challenges of American Indian and Alaskan Native people in the United States, as well as their beliefs about causes of illness and healing practices. Are there cultural steps that can help prevent their illnesses? How would you use a multicultural evaluation to assess their medical situation?

Assume you are the CEO at Nike. What challenges do you see ahead for Nike as...

Assume you are the CEO at Nike. What challenges do you see ahead for Nike as they try to regain corporate responsibility? What should be done to ensure that Nike is able to overcome these challenges?

Subjects