http://www.bloomberg.com/apps/news?pid=20601087&sid=azXvW6B6aINg&refer=home "Meshing U.S. regulations with rules adopted by other countries is a priority for the agency, which has said companies will be able to reduce expenses by eliminating duplicate accounting. Investors will benefit because they ultimately bear the burden of higher compliance costs, SEC officials argue." Ah, yes, those pesky accounting rules. By that logic, why don't we eliminate as a requirement that doctors and nurses wash hands between patients. This way more patients will receive care and hospitals will reduce water-usage costs. Is this world f-ing nuts or what????? Haven't these a-holes created enough crises in the past several years than to be blazing a trail for new ones already. I need a drink.
We have recently minted cpa in the distant family and he pretty much said this is a done deal. There'll be change but nothing to be alarmed about. Certain critical valuations will remain the same, I left with the impression the whole issue is nothing to pop a blood vessel over. One question I forgot to ask is how we will compare yoy results as we change, oh well.
GIANT RED FLAG IF THERE EVER WAS ONE. If the sky on the horizon looks bleak, change the camera angle.
Your perspective is so small in the scheme of things. Remember, throughout history, they always put window dressing on the financial markets, no matter how shitty it is before an election. They don't want another american revolution now, do they.
The quality of the posts is getting lower and lower here. IFRS or some hybrid of GAAP and IFRS is the solution proposed, I believe. http://en.wikipedia.org/wiki/IFRS You guys act as if the SEC is proposing zero accounting standards. They are trying to remedy off balance sheet loopholes - this may actually be a *good* thing.
Yes, the SEC is proposing adopting international accounting rule, they just haven't said which ones. e.g. the accounting rules from Pakistan.
Did you not even read the link you quoted? They mean the IFRS, which is a set of standards adopted by the international accounting standards board and used by the EU, Hong Kong, Australia, as well as Turkey and Russia and etc. This is a move to harmonize reporting standards. Try to keep in mind that most the rules are almost identical and where they differ, the IFRS is often times more stringent. Christ... and this is supposed to a board for traders...