However, the SEC is considering whether to adopt IFRS for listing and raising capital in
the United States. Would presentation of financial statements under IFRS be sufficient or does a reconciliation to U.S. GAAP provide incremental information (Harris and Muller 1999)? Will presentation of financial statements under a single, global GAAP provide comparable and transparent financial statements? As discussed by Pownall and Schipper (1999), the SEC has established three criteria in assessing the acceptability of IFRS: (1) comprehensiveness, (2) high quality – operationalized as comparability, transparency, and full disclosure, and (3) rigorous interpretation and application.
However, the SEC is considering whether to adopt IFRS for listing and raising capital in
the United States. Would presentation of financial statements under IFRS be sufficient or does a reconciliation to U.S. GAAP provide incremental information (Harris and Muller 1999)? Will presentation of financial statements under a single, global GAAP provide comparable and transparent financial statements? As discussed by Pownall and Schipper (1999), the SEC has established three criteria in assessing the acceptability of IFRS: (1) comprehensiveness, (2) high quality – operationalized as comparability, transparency, and full disclosure, and (3) rigorous interpretation and application.
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