As of now, a U.S. company is unable to report only under IFRS.
Currently, all of the U.S. companies are required to report only under U.S. GAAP. Once, SEC takes a final decision for the adoption of IFRS in the U.S., then it will become a mandatory requirement for the U.S. companies to report under IFRS.
It is however a good practice for any everyone to monitor the developments for how the SEC proposes that the IFRS will be adopted in the the U.S.
Just to be clear, Sunil's repsonse relates to public companies that file with the SEC. Private US companies can use IFRS today, if they choose to do so. Most don't, and many have bank agreements that require US GAAP. I do know of at least one US private company that has substantial operations in Europe and Asia that has chosen to use IFRS across the entire consolidated group.
Answers
Company: Consultant
As of now, a U.S. company is unable to report only under IFRS.
Currently, all of the U.S. companies are required to report only under U.S. GAAP. Once, SEC takes a final decision for the adoption of IFRS in the U.S., then it will become a mandatory requirement for the U.S. companies to report under IFRS.
It is however a good practice for any everyone to monitor the developments for how the SEC proposes that the IFRS will be adopted in the the U.S.
Company: Stephen Turk, CPA
Just to be clear, Sunil's repsonse relates to public companies that file with the SEC. Private US companies can use IFRS today, if they choose to do so. Most don't, and many have bank agreements that require US GAAP. I do know of at least one US private company that has substantial operations in Europe and Asia that has chosen to use IFRS across the entire consolidated group.