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AICPA Wants Optional IFRS Adoption

Thursday, Aug 18 2011
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Barry Melancon The American Institute of CPAs has recommended that publicly held companies in this country be given the option of adopting International Financial Reporting Standards. The organization made its opinion known in a letter to the Securities and Exchange Commission.

In a letter to the SEC, Paul V. Stahlin, AICPA chairman, and Barry C. Melancon, AICPA president and CEO said companies here should have the option. The two said this would provide greater consistency in the treatment of U.S. companis and foreign private issuers that report under IfRS.

 

They also saw an advantage in that American companies could compare those that use IFRS and those that do no not. "Anecdotal evidence suggests that the number of companies that would choose such an option would not be such that system-wide readiness would become an issue," the statement said.

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