Summary
This may be a decisive year for the dream of bringing the world together under one set of international financial reporting standards. The idea of having a common global financial language makes good business sense, conceptually, but achieving this goal -- and so many others aimed at better transparency and reliability -- has been elusive. Convergence seemed like a done deal when former SEC Chairman Christopher Cox announced a road map that tentatively planned for all US companies to move to IFRS by 2014. The users of financial reporting -- investors, creditors, vendors, managers -- have differing purposes, interests, and information needs. What works for one group may not suffice for others.
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Extract
Financial Reporting: So Many Red Herrings
This may be a decisive year for the dream of bringing the world togetiier under one set of international financial reporting standards. The idea of having a common global financial language makes good business sense, conceptually, but achieving this goal -...
See the full content of this document
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