Ifrs Article Review

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The title of the article that I choice to discuss for the article review is entitled “IFRS Adoption in the U.S.: Why the Postponement?”, written by Qun and Kenneth Hiltebeitel. The article came from the The CPA Journal, November 2010 Issue . In the article the writer’s main focus is on IFRS, which are principles based Standards, Interpretations and the Framework adopted by the International Accounting Standards Board. The article most importantly analyzes the survey results of the targeted audience to decide if IFRS will be ready by the proposed date. The SEC initially created a proposed Roadmap, which outlined when IFRS, would be put into transition by small and large public companies to be changed from financial reporting based on the U.S. Generally Accounting Principle being in 2014 to 2016. The proposed roadmap stated if the filings of 2014 from large companies be made they would be required to include a certain amount of balance sheets, income statements, statement of cash flows, and changes in stockholder’s equity for specific dates. Also, those companies adopting IFRS for the first time would have to present a beginning balance sheet, v.i.a. the date of transition. The IFRS adoption for the year of 2014 could really mean as early as 2012. After this decision made by SEC in 2008, just as any major decision in the U.S., more than 200 letters and surveys were submitted by people in and affected in the accounting or financial world. These surveys helped to shape the decision of the SEC in regards to the date of transition. Hiltebeitel discusses three different types of surveys from different places and people: a survey of executive officers, a survey of accounting professionals, and a survey of accounting educators.

In the survey of executive officers three accounting firms were discussed in “Exibit 1” of the article. Each firm wad asked different questions but the overall message was conveyed as the same. The survey conducted at Grant...
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