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Accounting. Audit and Tax (Forum Locked Forum Locked)
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Operation CPA
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Posted: 01 Oct 2009 at 20:27 | IP Logged  

...how about that IFRS?
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Goldbullion
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Does anyone believe that implementitng IFRS in the US will create jobs for accountants?



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carj3232
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Goldbullion wrote:

Does anyone believe that implementitng IFRS in the US will create jobs for accountants?

 

Think of it this way, once IFRS is implemented every accountant in the world will be learning the same basic rules. This creates more competition thus decreasing the amount of jobs.

   

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Zeratul
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carj3232 wrote:
Goldbullion wrote:

Does anyone believe that implementitng IFRS in the US will create jobs for accountants?



 


Think of it this way, once IFRS is implemented every accountant in the world will be learning the same basic rules. This creates more competition thus decreasing the amount of jobs.


   


Not necessarily. IFRS is extremely principles-based, as opposed to rules-based, meaning adopting countries still have plenty of leeway in instituting the rules which will match their political/legal/regulatory framework. The principles may remain the same, but accountants should be able to create value by being in tune with the various manners in which differing milieus will result in differing financial statements. It's not necessarily the case that adoption of IFRS will result in uniformly relevant statements. Also remember that although the US and Europe have very strong regulatory systems, this is not the case the world over; additionally, not all regulatory systems have the same aims/goals. For example, in the US we have a strong focus on disclosure, while in some European countries disclosure in the financial statements is not as strong a point because the chief investors (banks and other large financial institutions) already have access to the data they need. The bottom line is that I am not convinced that IFRS adoption is going to create financial statements comparable the world over. I also don't think US accounting will be greatly, if at all improved by the adoption of IFRS, but only time will tell on that one.
However, I do believe that adoption of IFRS in the US will create a demand for accountants in a similar manner to how Sarbanes-Oxley did.
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Operation CPA
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Zeratul wrote:

 
The bottom line is that I am not convinced that IFRS adoption is going to create financial statements comparable the world over.


I agree with this. It makes me wonder though; with each country being able to adjust the rules to fit their respective interests, won't we end up right back where we are now?
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