IFRS versus USGAAP

[profclaudiom]

Hi

I know in many countries around the world the IFRS are the oficial accounting rules.
In USA it's possible to make the financial statements according IFRS, and not according USGAAP?
Are there expectative for the two rules transforme for only one standard?
Regards
Cláudio Cordeiro

 

[bklynboy]

US is heading in the direction of converging with IFRS but this has been slow and continues to evolve. The project began in 2002 but critical standards are not yet converged. US will not technically give up oversight to IFRS but incorporate each standard individually as IFRS isues them.

There is a lot of material on the web and one summary attached below:

AICPA | www.IFRS.com : Updates : FASB/IASB Projects

I would point out that IFRS itself is not the same internationally as many countries adopt IFRS but tweak it to suit their own country preference of standards. The big issue is the political side of the IFRS which has been questioned if its really independent and not playing political favors as various exposures issued have been modified to appease the European Union (they along with other countries endorse IFRS and can choose not to apply standards it does not agree with).

 

[profclaudiom]

I agree with you, the IFRS rules isn´t to attend all the countries around the world, and the are many political interest in those statements
However I think it´s impossible go out this rules, because the accepting in many countries and a lot of companies it´s strong
Thanks for you reply