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Posts Tagged ‘Financial system infrastructure’

I say no, U.S. GAAP shoul not be laid to rest.

I say no, U.S. GAAP shoul not be laid to rest.

The subject of today’s essay is to debate the notion that the time is right to kill off United States Generally Accepted Accounting Principles (GAAP).  As we all are aware now, the Securities and Exchange Commission (SEC) announced on August 27, 2008, a road map for the transition from GAAP to International Financial Reporting Standards (IFRS).

In this article I argue that the U.S. moving to IFRS cannot be successful because there is no infrastructure for an integrated international financial system.  Such an infrastructure is necessary for the potential of IFRS to be realized.  If the potential of IFRS cannot be realized, then there is no reason for the U.S. to adopt IFRS. (more…)

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