The US Government is considering transitioning from standard GAAP to IFRS. IFRS stands for International Financial Reporting Standards. It has been argued that the reason for the transition is due to the globalization of many top US companies. Outside of the US most companies either follow GAAP or follow IFRS. As a result, when these US companies report their financial statements, readjusting entries have to be made in order to comply with US GAAP standards. This opens up the possibility of fraud and material misstatements. Now, most companies are on board with IFRS because as opposed to GAAP, IFRS establishes broad accounting principles rather than specific accounting treatments. Things like lease accounting will change which if you ask me it's a positive thing because lease accounting rules are some of the most difficult rules to interpret. However, some companies are worried about the affect the transition will have on their financial statements and are hoping that the SEC will give them more time before being required to transition over. Only time will tell.
Oh, and You're Welcome
Re: LilyBug I heard you had problems sleeping. Please save this for tonight.
Shesh... I almost fell asleep right now.
Thanks!
My assistant is now worried that I'm suffering from pregnancy related narcolepsy. I assured her that it was not the case and that Mavila was just helping out with sleep aids and I was testing it out.
WORKED LIKE A CHARM!?