United States of America is going to adopt International Financial Reporting Standards. Major advantages include
- It would make the financial statements of U.S. companies more comparable to those in other countries.
- It would help capital from investors and banks flow more smoothly around the world.
- American filers would be able to use more judgment in preparing financial information.
- It would provide substantial benefit to some companies and, despite considerable expense, little or none to others.
- It helps more freely move accounting staff from country to country and business to business.
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