The Globalization of Governance
John F. Sandy Smith discusses the globalization of governance and the importance of creating more efficient cross-border voting systems that can lead to more international convergence.
John F. Sandy Smith discusses the globalization of governance and the importance of creating more efficient cross-border voting systems that can lead to more international convergence.
By Dr. Yvonne Hinson
IFRS will most likely come to the U.S. in some form but the timeline is still unknown. The differences between IFRS and GAAP are something that educators need to be addressing now as they send students out into a global marketplace.
By Ken Marshall, Co-leader of Ernst & Young LLP’s IFRS Markets team in the United States.
If economics be the dismal science, then the global slump that began in 2007 makes it seem still more so. With America’s regulators preoccupied with managing the credit crisis and its companies facing the imperative to cut costs — including on projects that require a long-term commitment of resources, what once appeared almost certain momentum toward US adoption of International Financial Reporting Standards (IFRS) has slowed.
At the same time, there seems near universal agreement that a single global set of accounting policies and financial reporting standards would benefit investors. International standards setters and regulators, including the US Financial Accounting Standards Board (FASB), its counterpart the International Accounting Standards Board (IASB), and the US Securities & Exchange Commission (SEC) all share the view that comparability between US and other countries’ accounting standards will increase transparency in the global marketplace and protect investors.
Janice Patrisso, Advisory Partner with KPMG LLP, explains that many organizations are looking at their readiness for potential U.S. adoption of International Financial Reporting Standards (IFRS). What should you expect?
Yesterday it was announced that GE would be paying a $50 settlement fine to the SEC in response to a civil suit filed by the agency against the company for accounting fraud. GE is paying the fine, but without admitting guilt nor denying the allegations.
