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Moving on from GAAP

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jb32
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Moving on from GAAP [#permalink] New post   08 Sep 2008, 06:53
So, I wanted to get everyone's thoughts on the possible shift from US GAAP accounting rules to the IFRS standard. Has this been discussed on campus yet and how might it effect accounting classes? Anyone familiar with both standards as an international applicant and can share their opinions? What impact will this have on current applicants as the shift is supposed to be fully implemented by 2016 with the larger companies in an industry moving first (possibly in 1-2 years)?
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Re: Moving on from GAAP [#permalink] New post   08 Sep 2008, 06:59
Accounting will go from being really boring to really boring, but also culturally diverse?
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IHateTheGMAT
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Re: Moving on from GAAP [#permalink] New post   08 Sep 2008, 09:34
The US is moving away from GAAP? Is this decided or just being discussed?
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jb32
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Re: Moving on from GAAP [#permalink] New post   08 Sep 2008, 10:02
IHateTheGMAT wrote:
The US is moving away from GAAP? Is this decided or just being discussed?


The SEC voted a few weeks ago to approve a roadmap to move the US away from GAAP by 2014. Most large companies will begin the move in 2-3 years.

https://www.economist.com/finance/displaystory.cfm?story_id=12010009
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IHateTheGMAT
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Re: Moving on from GAAP [#permalink] New post   08 Sep 2008, 10:47
jb32 wrote:
IHateTheGMAT wrote:
The US is moving away from GAAP? Is this decided or just being discussed?


The SEC voted a few weeks ago to approve a roadmap to move the US away from GAAP by 2014. Most large companies will begin the move in 2-3 years.

https://www.economist.com/finance/displaystory.cfm?story_id=12010009


Wow that's actually pretty big news for anybody in the finance industry. Analysts need to understand accounting. I understand GAAP but I know very little about IFRS. I think they're pretty similar though. I remember some chart comparing the two when I was studying for the CFA and they were very similar in most areas. I think GAAP and IFRS have actually been moving towards eachother for a while. Still, I'm not to happy about this change. The last thing I want to do is learn new accounting.
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Re: Moving on from GAAP [#permalink] New post   10 Sep 2008, 02:37
IFRS is being adopted by more and more countries so it makes sense for the US to also move to the global standard.
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Re: Moving on from GAAP [#permalink] New post   15 Sep 2008, 01:20
gaap = 25000 pages worth of crap

ifrs = 2500 pages worth of crap

less reading = more fun.

ifrs is what gaap was trying to be before it became more murky. good for usa to move into ifrs.
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Re: Moving on from GAAP [#permalink]
15 Sep 2008, 01:20

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