It is tempting to see the costs for adapting to IFRS as high, I believe, long-term, the
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It is tempting to see the costs for adapting to IFRS as high, I believe, long-term, the costs are low. The reason is that simplicity allows more people to enter the accounting profession and thus lowers the costs to companies. Accountants argue the costs are high to protect their own income. IFRS are more comparable to the Statement of Financial Accounting Concepts from FASB than to GAAP, thus they make more logical sense than arbitrary rules. As such, they create more conservative behavior because it is harder to get around a rule than a principle.
What bias might American (US) companies have in their opinions of IFRS?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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