Question

Do you believe the accounting information users and preparers world wide need codification of IFRS on the same lines as Codification of US GAAP?

Does this effort will be an additional step towards international comparability of accounting standard? Explain

Answer 1

And. Yes, Accounting information is to be codified IFRS as in same lines of codification of US GAAP, this will helps the organisations to comparable with international standards of accounting.

The term IFRS (International financial reporting standards) means " A set of Accounting standards developed by an independent non profit organisation IASB"

Continued global adoption affects US businesses, as additional countries permit or require IFRS for statutory
reporting purposes and public filings. IFRS requirements elsewhere in the world also impact US companies through
cross-border, merger and acquisition (M&A) activity, IFRS’ influence on US GAAP, and the IFRS reporting demands of
non-US stakeholders. Accordingly, it is clear from a preparer perspective that being financially antonyms in the US is
increasingly importantly

  As the market becomes increasing global, more US companies begin to have non-US stakeholders. These stakeholders may require IFRS financial information, audited IFRS financial statements, and budgets and management
information prepared under IFRS.

  Many countries currently require or permit IFRS for statutory financial reporting purposes, while other countries have
incorporated IFRS into their local accounting framework used for statutory reporting. As a result, multinational companies should, at a minimum, monitor the IFRS activity of their non-US subsidiaries. Complex transactions, new IFRS standards, and changes in accounting policies may have an impact on an organization beyond that of a specific subsidiary.

Thank you I think that I reach your expectations.