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Will SEC/FASB give away U.S. GAAP for IFRS?

SEC has a road map which would allow the U.S. to implement IFRS sometime in 2014. Will SEC/FASB give away U.S. GAAP for IFRS? What are your thoughts on IFRs vs GAAP?

Answers

Rakesh Sukumar
Title: Analyst
Company:
(Analyst, ) |

Hi Sunil
I believe soon or later SEC will give up US GAAP. It might take sometime though. The below links might interest you

http://www.ifrs.com/updates/aicpa/IFRS_SEC.html

http://www.ifrs.com/updates_landing.html

Topic Expert
Sunil Thukral
Title: Controller/Technical Accounting Advisory..
Company: Consultant
(Controller/Technical Accounting Advisory/ SEC Reporting, Consultant) |

I personally am of the opinion that U.S. GAAP is not going away that easily. If you her Bob Hertz from FASB or the SEC, you always hear that U.S. is moving to "globally IMPROVED financial reporting standards". Further, there are many global convergence projects going on, which will eventually incorporate some of the U.S. GAAP within IFRS. For example, the business combinations standard was a joint IFRS/FASB project(ie FAS 141R / IFRS 3).

Thoughts / comments?

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