In an effort to align with the international investing community, SEC decides to adopt the International Financial Reporting Standards, without reconciliation. Even more radical, it is proposed that IFRS may replace US GAAP entirely in a few years' time. That is a big step towards connecting with the world for the paradoxically closed country/economy (according to Fareed Zakaria, U.S. is one of the last 3 remaing countries (Liberia and Myanmar are the other two) that has not adopted the metric system).
The reason behind the move has got to be the diminishing market share of New York in the capital market, in the lights of Sarbanes-Oxley Regulations and the emergence/reemergence of Hong Kong, Shanghai and London.
One wonders what is the futures for the professionals (accountants, lawyers etc) who specialise in US GAAP.
The reason behind the move has got to be the diminishing market share of New York in the capital market, in the lights of Sarbanes-Oxley Regulations and the emergence/reemergence of Hong Kong, Shanghai and London.
One wonders what is the futures for the professionals (accountants, lawyers etc) who specialise in US GAAP.
No comments:
Post a Comment