Topics include IFRS and the roadmap to adoption in the U.S., comparative corporate governance in various countries, global code of ethics, and international auditing standards.
IFRS and the roadmap to adoption in the US
- Single set of globally accepted accounting standards, from GAAP to IFRS
- SEC permits foreign companies to use IFRS without reconciliation to US GAAP
- SEC road map assumes IFRS will replace GAAP
- SEC questions whether or not to mandate IFRS starting in 2015
o Concerns of the quality of IFRS; is it of high quality and sufficiently comprehensive
o Convergence as a “improve and adopt” strategy; improve IFRS before approving it
Convergence between both sets of standards is less complex and less costly than complete IFRS adoption
Comparative corporate governance in various countries
- Effect on corporate governance systems because audit committees ...view middle of the document...
International auditing standards