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.
...An exporter or producer in the United States who completes and signs a Certificate of Or... be maintained in accordance with the Generally Accepted Accounting Principles applied in the Unit...
As of this writing, non-US companies using International Financial Reporting Standards (IFRS) are permitted to list their securities on US stock exchanges without reconciling those statements to US GAAP. In February 2010, the SEC stated that US issuers would not be required to employ IFRS until 2015 at the earliest. The SEC further stated that it would vote in 2011 whether to go forward with a mandate to employ IFRS solely or to allow firms to use either IFRS or US GAAP. A survey was sent to a random sample of 2,000 AICPA members employed by public accounting firms that have substantial publicly traded companies as clients. When asked about the comfort level with their own current IFRS knowledge, respondents generally did not think that they had the current competence level to effective...
... prepared on the basis of accounting principles generally accepted in the United States of America...
...1. Generally accepted auditing standards (GAAS) apply to group ...The AICPA Audit and Accounting Guide State and Local Governments provides guidanc... and the application of accounting principles. . f. Description of any identified material weakn... principles generally accepted in the United States of America; this includes the design, imple...
WASHINGTON (HedgeWorld.com) - The Securities and Exchange Commission today [Aug. 4] held a roundtable on developments in accounting standards, and in particular on the way companies have used either the Generally Accepted Accounting Principles of the United States or the International Financial Reporting Standards during the past year of market turmoil. One crucial difference between the two systems involves the approach to what instruments/liabilities may be kept off a balance sheet. Under IFRS, the central idea is control. If an entity is under a parent's control, as to its financial and operating policies, then the financial statements should generally be consolidated.
...(vi) Chief Accounting Officer or an equivalent employee;. (vii) General ... a Bank, determined in accordance with generally accepted accounting principles in the United State... accounting principles in the United States (GAAP) less the amount of any assets that would be...
... and presented in accordance with Generally Accepted Accounting Principles (GAAP); and. (2) A ... inter-dealer quotation system outside the United States;. (2) The non-GAAP financial measure is not...
... be reported using the equity method of accounting for the fourth quarter of 2011 and all future peri..., reflecting improved activity in both the United States and overseas markets. Seagoing container re... financial results in accordance with generally accepted accounting principles in the. United Stat...
When Securities and Exchange Commission Chairman Christopher Cox lifted the requirement that foreign companies filing in the United States use generally accepted accounting principles (GAAP), a giant step toward embracing International Financial Reporting Standards (IFRS) was taken.
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