Generally accepted accounting principles may play second fiddle to newer International Financial Reporting Standards if the Securities and Exchange Commission gives American companies a choice. The issue surfaced Tuesday during a day-long forum the SEC hosted to discuss its "road map" for the convergence of U.S. and international accounting standards. Many of the panelists said given the choice, using IFRS would be welcomed since the standard is a more principles-based accounting method than GAAP.
March 08, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Generally accepted accounting principles, the standard for accounting rules used in the U.S., may play second fiddle to newer international standards if the Securities and Exchange Commission gives American companies a choice.
The issue surfaced Tuesday during a day-long forum the SEC hosted to discuss its “road map” for the convergence of U.S. and international accounting standards.
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