More than 100 countries and counting have adopted International Financial Reporting Standards and there's a push for the United States to join in, which would eliminate the Generally Accepted Accounting Principles currently in use. According to a road map published by the U.S. Securities and Exchange Commission, the agency will make a final decision on whether to adopt IFRS standards by 2011, with an implementation deadline of 2016 for all public firms. However, accounting firms and some of their clients are watching closely for an SEC statement that is expected before the end of this year, which may give a clearer indication of whether the SEC intends to move toward adoption, or if IFRS will go the way of the metric system in this country.
In September 2010, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) completed the first phase of a project that will influence global standards setting for many years to come. Having a conceptual framework eliminates the need for a standards setter, such as the FASB or the IASB, to reestablish core concepts each time it develops or updates a standard. Additionally, by consistently referring to a stable conceptual framework, a standards setter is more likely to promulgate standards that are consistent with each other as well as with significant assumptions and constraints. The conceptual framework of US Generally Accepted Accounting Principles is documented in a series of Statements of Financial Accounting Concepts issued by the F...
The SEC said E&Y identified Bally as one of its riskiest audit clients because its managers were former E&Y audit partners known for aggressiveness in setting of accounting principles and estimates and because the company's compensation plan placed heavy emphasis on reported earnings. The SEC said of E&Y's 10,000 audit clients in North America, Bally was in the top 18 riskiest accounts and the riskiest in the Lake Michigan area.
This paper investigates differences between the financial statements of Volvo Corporation, Daimler AG, and Fiat SPA as prepared under International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S.GAAP) from 2004-2006. The application of IFRS generally resulted in higher net income than U.S. GAAP. Many differences have already been resolved by the convergence projects of the Financial Accounting Standards Board and the International Accounting Standards Board. However, significant and persistent reconciling items that are likely to affect U.S. automakers' financial statements include: pension and other post-retirement benefits expenses, capitalization of development costs, and minority interests reporting.
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