Switch To Global Rules


	Switch To Global Rules

Tina Russo

1-6-2009 8:29 AM

1035 views

tags:

accounting, financial reporting rules, international financial reporting standards, sec

Tina Russo says:

With the growth of the global economy, it makes sense that companies have a common accounting system. But getting on the same page will be costly.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/4597065a-a8c3-4bd5-bf0b-0654521312d4/D9E6595B-A998-4784-8E40-8305521F1126/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.usatoday.com/money/companies/regulation/2009-01-05-international-accounting-rule-switch_N.htm" href="http://www.usatoday.com/money/companies/regulation/2009-01-05-international-accounting-rule-switch_N.htm" style="font-size: 11px;">www.usatoday.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.usatoday.com/money/companies/regulation/2009-01-05-international-accounting-rule-switch_N.htm"><DIV class="inside-copy">In a regulatory sea change that could cost billions of dollars, thousands of U.S. companies — plus foreign corporations that do business here — will adopt global financial reporting rules within five years if regulators have their way.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.usatoday.com/money/companies/regulation/2009-01-05-international-accounting-rule-switch_N.htm"><P class="inside-copy">The impact is likely to surpass that of the Sarbanes-Oxley Act of 2002, the tough anti-corporate fraud law of the Enron era that cost individual businesses millions of dollars in accounting fees. Whether U.S. companies like it or not, the new era of global accounting appears unstoppable, and businesses that ignore the International Financial Reporting Standards (IFRS) will fall behind. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.usatoday.com/money/companies/regulation/2009-01-05-international-accounting-rule-switch_N.htm"><P class="inside-copy">SEC Chairman Christopher Cox has called the move "a revolutionary development" that will streamline global reporting standards and create "a true <I>lingua franca</I>" for accounting. Business leaders such as the U.S. Chamber of Commerce say it would help the USA compete in the world economy, leading to more cross-border commerce. </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/D9E6595B-A998-4784-8E40-8305521F1126/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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