Adopting IFRS Key to global financial success

According to the Associated Press, federal regulators stated Monday that it's critical for the United States along with other countries to adopt one international accounting standard. By all countries having the same policies, we would better avoid another economic crisis. Both those on Wall Street and in the Accounting industry agree with this statement. US companies have the option to begin adopting the new accounting standards next year. Read the full article here.

Accounting leaders meet in New York City

This past Friday, the Global Accounting Alliance met in New York City to discuss whether or not financial accounting should be simplified.

A few of the statements from the roundtable were:

Paul Cherry, chairman of the International Accounting Standards Board’s Standards Advisory Council and former Canadian Accounting Standards Board chairman.:
“We have an antiquated conceptual framework and coming off the charts is a rigorous rethink of disclosure. Without (improving) these essential building blocks I don’t see any real prospect for meaningful simplification of the standards.”

Wayne Carnall, the chief accountant of the SEC’s Division of Corporate Finance, stated:
“[In the U.S.,] we look at everything very short term. Everything becomes incrementalized because we want an immediate solution. It seems we’re constantly making changes. If we could step back and look at issues on a longer-term basis, it would help.”

Read all thoughts here at the Journal of Accountancy.