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The Move Away from US GAAP Will Adversely Impact Consistency and Comparability Amongst Companies

April 14, 2008

Analysis of:Goodbye GAAP | cfo.com

This article discusses the move for Companies to report revenues using IFRS rather than US GAAP. The move to IFRS is troublesome for several reasons: 1. US GAAP provides specifics and guidance for a multitude of revenue transactions and industries, many of which will be scrapped; 2. In contrast, Global Standards have many variants diminishing consistency and comparability between companies; and 3. The lack of consistency and comparability will expose company management to unnecessary litigation.

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