International standards move a step closer in America
Yesterday, the USA moved a step closer to using International Accounting Standards. A US Securities and Exchange commission (SEC) accountant said it was important to secure funding to move towards International Accounting Standards (IAS). Currently the US use US GAAP (General Accepted Accounting Principles) to construct their financial statements and a move towards international standards would be welcomed.
I feel that it would prove a great way of standardising accounting law and provide consistency and comparability across borders. This major step towards international accounting would help the over 100 countries that use international accounting standards. I feel that if over 100 countries use international standards it shows consistency in the world’s financial language and can provide a reliable accounting future.
The case of accounting convergence between US GAAP and IAS/IFRS will enable a step towards in standardising the accounting law and can help the accountancy sector. I believe International Accounting Standards are the step forward in providing a consistent future in the financial language.
Below is the link to The Reuters article:
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