U.S. GAAP Vs. IFRS Accounting Research Paper

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S. listing.

Present Status:

A lot of nations are moving on to IFRS in the wake of the regulatory developments for adopting the same. The Security and Exchange Commission -- SEC's non-requirement of foreign firms reporting under IFRS to deposit reconciliation to the U.S. GAAP is also facilitating the process. The SEC concurrently is also actively examining the possibility whether to allow, or maybe sooner or later need, some or all companies registered in the U.S. To ready filings using the IFRS thereby reconciling to the U.S. GAAP. It is a fact that earnings under U.S. GAAP and IFRS are comparable across earnings attributes leaving aside relevance. Besides, the variation among U.S. GAAP and IFRS reconciled earnings is valued incrementally relevant to U.S. GAAP or IFRS earnings. It is also found that U.S. GAAP demonstrate increased relative information content compared to IFRS, indicating that suspending reconciliation of IFRS to U.S. GAAP might outcome in less important financial statements for valuation of equity.

The Way Forward:

SEC presently examining the options of allowing both U.S. And non-U.

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S. companies cross-listing in the U.S. To file financial statements based on IFRS, the primary reason being that accounting amounts based on the IFRS might be similar in quality to those based on the U.S. GAAP. Increased use of IFRS across the world and the restructuring of the International Accounting Standards Committee -- IASC into the International Accounting Standards Board appear to be the contributing factors. In future, these two events could result in high quality IFRS compliant accounting as this will outcome in better quality standards and steady interpretation, application, enforcement standards. Past research reveals that accounting amounts of non-U.S. companies applying IFRS and U.S. companies applying U.S. GAAP usually are qualitatively better compared to non-U.S. companies applying domestic standards. Nevertheless, the comparative quality of U.S. And IFRS accounting amounts remains an open issue similar to the comparative quality of IFRS accounting amounts and U.S. GAAP accounting amounts of companies cross-listing in the U.S......

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