U.S.regulators are fundamentally opposed to changing from Generally Accepted Accounting Principles (GAPP) to International Financial Reporting Standards (IFRS).

Question

Quizplus · Accepted Answer

U.S. regulators have expressed some concerns and reservations about adopting IFRS, but they have not fundamentally opposed changing from GAAP to IFRS. In fact, the Securities and Exchange Commission (SEC) has been working on a plan to potentially allow U.S. companies to use IFRS in their financial reporting.

USRegulators Are Fundamentally Opposed to Changing from Generally Accepted Accounting