[jimboace88]

If IFRS would just completely take over and wipe out U.S. GAAP? As I go through the ridiculous rigamarole of nonmonetary exchanges under U.S. GAAP, I sit back and think to myself how much more pleasant it would be if I could just say “these are similar assets” or “these are dissimilar assets” and then know exactly how to proceed from there.

….8 days.

FAR 07/27/11 - 87
AUD 10/01/11 - 85
BEC 11/15/11 - 87
REG 01/03/12 - 92

[Anonymous]

Dont even get me started on all the ways that US GAAP is superior to IFRS! Lol, but really, I think a principle based system allows for too much judgement and subjectivity, and it requires users to review so many more footnotes that it really makes the financial statements by themselves almost useless.

The SEC put out a white paper recently about US GAAP and IFRS. It was pretty good, it outlines some of the thought process the SEC is currently going through in evaluating the usefulness of IFRS, and gives some ideas on how it could be used in the U.S.

[Minimorty]

U – S – A !! U – S – A !!

[IwannaBaCPA]

I'm pro-GAAP 🙂 I do agree that having to know the rules for both made studying for FAR annoying…

BEC: 79 - April 2011
FAR: 78 - May 2011
AUD: 81 - May 2012
REG: 79 - October 2012
Ethics: Passed - March 2013
I am finally DONE!

[WhyMe23]

GAAP is the way to go…do you really want a foreign body to set standards for US companies? I certainly don't. Besides, there are always going to be local differences anyway so this theory of one unifying set of standards for the whole world is a little too ambitious.

B - 85 (5/31/11)
A - 93 (7/1/11)
R - 87 (7/29/11)
F - 77 (8/31/11)

[jimboace88]

Wow…I guess I struck out with that wish. I just find that IFRS is much easier to use. Maybe it's because whenever Becker points out how IFRS does something compared to how GAAP does something, the IFRS way of doing it is almost ALWAYS the simpler way. It's something I have come to be thankful for when handling such annoying topics as non-monetary exchange or dollar-value LIFO (because LIFO doesn't exist under IFRS, thank God!)

FAR 07/27/11 - 87
AUD 10/01/11 - 85
BEC 11/15/11 - 87
REG 01/03/12 - 92

[Author]

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