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Will There Be One Set Of Accounting Standards In Use Throughout The World In The Next Five Years?

662 words - 3 pages

As business worldwide becomes more intertwined, countries are moving towards International Financial Reporting Standards, with the intention of having a universal accounting set of laws that will make analyzing each other’s industry easier and more reliable. International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB). Most certainly in a near future the world will be using one set of accounting rules. The eventual implementation of IFRS by all countries is expected to be market driven. Recently an associate of the S.E.C., Kathleen L. Casey, said in a speech that “the commission should move promptly to ...view middle of the document...

In the United States if the adoption of IFRS is to take place, it will probably not be until 2015 even thou the SEC proposed date for adoption to be sometime in 2014. "Every single country will never interpret things exactly the same, but you hope that at the time you're working together, you're getting closer," said Lisa Filomia-Aktas, a partner at Ernst & Young.
It seems like the world is going global in regards to accounting rules. Many companies are already doing the migration voluntary as many countries have already made the shift. According to Bloomberg news ”By rejecting IFRS, the U.S. would deal a major blow to the prospect of unified global accounting standards -- a goal that is widely endorsed, including by many American companies and investors. The U.S. would almost certainly lose its current major influence on the setting of international rules including its role in the oversight of the IASB. That would be a loss: The U.S. has been a positive influence bringing authority and expertise in accounting matters”. All changes are somewhat...

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