OUR THOUGHTS ON:

Time for the United States to Step Up or Step Out

IFRS

By Todd Lucas

The United States’ delay in adopting international accounting standards has been very well documented. However, in recent months, with the exposure drafts on revenue recognition and fair value measurements being issued by both the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), it appeared as though the U.S. was on board with convergence and moving full speed ahead.

However, recent comments by IASB Chairman, Sir David Tweedie, appear to paint a different picture. Tweedie warned the U.S. that they could lose much of their influence on setting international standards if they don’t soon adopt the very standards they are helping to create.

Many in the international community are wondering why the U.S. has such great influence over setting standards that they might or might not adopt themselves. Currently, the U.S. has 4 members on the IASB and 5 members of the oversight committee.

It is time for the United States to decide whether they want to be part of the convergence to international standards. If the United States waits too long, they might find themselves in a position of adopting standards that they had very little or no influence in creating.

 

 

Schneider Downs provides accountingtax, wealth management and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA and Columbus, OH. 

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.

 

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments