UNITED STATES’ ADOPTION OF IFRS By: Chris Smith, Rocio Hernandez, & Seong Ug In
Meet Ian Franklin Roosevelt Samuels <ul><li>He entered college the Fall of 2007 (before SEC’s proposed adoption) </li></ul...
The Securities & Exchange Commission <ul><li>Milestones to be overcome to help with the adaption </li></ul><ul><ul><li>Imp...
Securities and Exchange Commission
Securities and Exchange Commission <ul><ul><li>Limited Early use of IFRS where this would Enhance Comparability for U.S. I...
U.S. Companies & Businesses
U.S. Companies & Businesses <ul><li>We can estimate the converging cost from experience of Europe companies. The Institute...
Business & Accounting Professors <ul><li>Should be incorporated at introductory level of accounting </li></ul><ul><li>Shou...
Business & Accounting Professors <ul><li>Having a hard time developing curriculum </li></ul><ul><li>Lack of support from a...
A Short Review <ul><li>Businesses are ready to begin reporting according to IFRS, however the SEC is delaying the ability ...
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  1. 1. UNITED STATES’ ADOPTION OF IFRS By: Chris Smith, Rocio Hernandez, & Seong Ug In
  2. 2. Meet Ian Franklin Roosevelt Samuels <ul><li>He entered college the Fall of 2007 (before SEC’s proposed adoption) </li></ul><ul><li>He attended a University where there was no incorporation of IFRS in his accounting education </li></ul><ul><li>Ian graduates this May </li></ul>
  3. 3. The Securities & Exchange Commission <ul><li>Milestones to be overcome to help with the adaption </li></ul><ul><ul><li>Improvements in Accounting Standards </li></ul></ul><ul><ul><ul><li>FASB and ISAB  </li></ul></ul></ul><ul><ul><li>Accountability and Funding of the IACS Foundation  </li></ul></ul><ul><ul><li>Improvements in the ability to use Interactive Data for IFRS Reporting </li></ul></ul><ul><ul><li>Education and Training </li></ul></ul><ul><ul><ul><li>Big Four Accounting Firms </li></ul></ul></ul>
  4. 4. Securities and Exchange Commission
  5. 5. Securities and Exchange Commission <ul><ul><li>Limited Early use of IFRS where this would Enhance Comparability for U.S. Investors </li></ul></ul><ul><ul><ul><li>Top 20   </li></ul></ul></ul><ul><ul><li>Anticipating Timing of Future Rulemaking by the Commission </li></ul></ul><ul><ul><ul><li>Reviews  </li></ul></ul></ul><ul><ul><li>Implementation of the Mandatory use of IFRS </li></ul></ul><ul><li>Amendments to Regulations </li></ul><ul><li>Proposals to the Early use of IFRS  </li></ul><ul><ul><li>One Proposal having the ability to revert back to U.S. GAAP  </li></ul></ul>
  6. 6. U.S. Companies & Businesses
  7. 7. U.S. Companies & Businesses <ul><li>We can estimate the converging cost from experience of Europe companies. The Institute of Chartered Accountants in England and Wales estimates that European companies with 500 million Euros and 5 billion Euros spent 0.05 percent of their revenue to switch their accounting standards to IFRS. </li></ul><ul><li>After convergence, multinational firms do not have to prepare two financial statements. They can save their time and money for preparing just one financial statement. </li></ul>
  8. 8. Business & Accounting Professors <ul><li>Should be incorporated at introductory level of accounting </li></ul><ul><li>Should be incorporated at intermediate and advanced levels </li></ul>
  9. 9. Business & Accounting Professors <ul><li>Having a hard time developing curriculum </li></ul><ul><li>Lack of support from administration in regard to training </li></ul>
  10. 10. A Short Review <ul><li>Businesses are ready to begin reporting according to IFRS, however the SEC is delaying the ability for companies to do that </li></ul><ul><li>The SEC wants to ensure an easy transition to IFRS for US companies and is therefore willing to take the time necessary to guarantee it’ll work </li></ul><ul><li>Business and accounting professors are not ready to incorporate IFRS into the curriculum because of </li></ul>

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