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Finalpaper

In: Business and Management

Submitted By blhaslam87
Words 889
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Bryan Haslam

Dear Mary Schapiro,

There are some great arguments and reasons for either converging or full on adopting International Financial Accounting Standards. The first reason is the most obvious as it is one of the main purposes of the existence of the IFRS’s: keep up with an ever-flattening, ever-globalizing world. IFRS is already enabling many countries to speak the same business language by using the same set of accounting and financial reporting standards. This set of standards is allowing all these countries a much easier access to foreign capital markets that they otherwise might not have had access to. Due to today’s instant communications and technology, what goes on in other markets is now tightly bound up with what happens here. For U.S. investors, the need to analyze the financial statements of foreign public corporations has grown dramatically. More and more domestic companies are seeking more business in foreign export markets. From the perspective of domestic corporate credit departments, a common financial reporting standard might make the analyses of foreign corporate financial statements easier and more relevant. IFRS would also facilitate comparative analyses of foreign and U.S. corporate financial statements. Switching, or converging, will lower the cost of capital for countries that may need funding from foreign markets. Many U.S. based multi-national companies will find a huge cost savings with the adoption of IFRS. For those companies who haven’t bridged the gap already between the two sets of standards, they stand to save a lot of time and money just by not being required to keep two (or more) sets of books. Many are worried about the quality of the standards that the IASB writes. While the rule-based U.S GAAPs are perhaps of higher quality, the joint projects between the FASB and the IASB are working hard to make sure that…...

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