'IFRS Article Review\r'

'The title of the name that I choice to discuss for the term recapitulation is entitled â€Å"IFRS Adoption in the U. S. : wherefore the Postponement? ”, written by Qun and Kenneth Hiltebeitel. The article came from the The certified public accountant Journal, November 2010 Issue . In the article the author’s chief(prenominal) sharpen is on IFRS, which are principles based Standards, Interpretations and the material adopted by the International history Standards Board. The article most importantly analyzes the subject field results of the targeted audience to decide if IFRS bequeath be take a shit by the proposed check.The SEC ab initio created a proposed Roadmap, which outlined when IFRS, would be c stripehe into passage by small and handsome public companies to be changed from financial inform based on the U. S. Generally history Principle being in 2014 to 2016. The proposed roadmap declared if the filings of 2014 from large companies be made they would be required to include a accepted amount of equaliser sheets, income statements, statement of bullion flows, and changes in stockholder’s law for specific dates. Also, those companies adopting IFRS for the offshoot time would declare to present a beginning balance sheet, v. . a. the date of transition. The IFRS adoption for the year of 2014 could rightfully 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 fields were submitted by peck in and affected in the accounting or financial world. These descrys helped to square up the decision of the SEC in regards to the date of transition. Hiltebeitel discusses ternary different types of batchs from different places and people: a go over 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 â€Å"Exibit 1” of the article. each(prenominal) firm wad asked different questions further the overall message was conveyed as the same. The survey conducted at Grant Thorton LLP, it was taken of financial executives and CFO’s. When asked the question â€Å" Do you take the U. S. should require the use of IFRS” 50% of the executives selected the rejoinder of â€Å"in 5 years or longer”. The fleck firm of the education was Pricewaterhouse Coopers.The survey was directed to manager’s directors and CFO’s. 51% of the company was at the learning stage. Most of the companies’ executives had fellowship approximately the change to IFRS but had no visualise to action for IFRS. Deloitte was the third to be surveyed and what was institute out was quite the similar to the low cardinal firms findings. After one survey was completed Hiltebeitel was already concluding in the article that most of the U. S. companies would non be ready for the switch in 2014. The second survey was conducted with accounting professionals.The AICPA took an â€Å"IFRS Readiness wad”. The survey was both make in the year 2008 and 2009 and were to be completed online. The percentages of the survey increased and decreased between the two years with regards to the many questions but the briny one of if firms would be ready for the transition. Moreover, eventhough CPA’s were preparing for the change with IFRS, they still had a lot of evident conk to do before the change. Lastly, the third survey in the article was of the accounting educators.Educators argued points about not up to date textbooks, extensive indispensable case studies, and college administrators last minute and not so serious attitude, being the main issue for their hold up in regards to the transition into IFRS in the education sector. Educators were on the side that IFRS should indeed be aside of the curriculum (80%) due to the foresight of â€Å"the first graduating circle of accounting students to enter the work force with a substantial knowledge of the IFRS education will be the class of 2015”. With that being said a lot of work needs to be done in the education side as well.In conclusion, the SEC responded to all of the surveys, comments, and letters by a published statement . The surveys presented in this article helped to bring about the points of this article and helped to shape the most important factors of will the U. S. be indeed ready for the transition in 2014. The answer according to the writer is no. The surveys , comments, and letters did help to yield the SEC decision of IFRS ( as of Feb. 2010), and the little date of timing of the transition of IFRS is unsure. forget the public companies, accounting firms, and educators be ready?\r\n'