Sec and Ifrs Recent Projects Towards a Single Set of International Accounting Standards

SEC and IFRS Recent Projects towards a Single Set of supranational Accounting Standards The mission of the Securities and Exchange Commission (SEC) is to protect investors, book fair, orderly, and efficient markets, and facilitate capital formation. The SEC endorses its regulations on insider trading, business relationship fraud and false or investment information by constantly attempting to standardize the financial information disclosed by public companies. IFRS is the acronym of global Financial Reporting Standards. Huge companies in operation(p) in the various countries of the world follow the set of regulations defined in IFRS in preparing their financial reports disclosed to the public. The IASB or the International Accounting Standards Board is responsible for developing these rules. Each inelegant has their own set of account rules and laws. A company cover cardinal million dollars in lettuces in the fall in States, according to the United States accounting laws can show twain million dollars in profit when the Indian accounting standards or laws are used to work it. Furthermore, if one wanted to calculate the profits of the same company with any European trades union country it will amount to only half of the profit shown in the U.S. soil.

Milestones As globalization started to spread its wings farthermost and wide, many companies transitioned into multinational ventures. These companies found it difficult to declare their financial information according to each countrys accounting laws. This is one of the main reasons why the ISAB framed IFRS. The SEC has been difficult to incorporate IFRS legally in the U.S. for nearly a ten now. IFRS implementation in the U.S would be very appropriate since it is one of the largest countries to outsource its work across the globe. The SEC has formulated a set of milestones in order to accomplish the implementation of international accounting standards (Ref 1). The SEC Roadmap establishes a set... If you want to get a full essay, order it on our website: Ordercustompaper.com

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