Say Goodbye To GAAP And Consider The Full Adoption Of The International Accounting Standards IFRS

The new chief accountant of the securities and Exchange Commission (SEC) said on Thursday that he hoped to put forward proposals for SEC in the coming months to promote the conversion of US companies to international accounting standards (IFRS).

In his first public speech after taking office, chief accountant James Schnurr did not indicate whether he preferred the us to IFRS.

But he said he hoped to take action in the coming months.

Schnurr said he was aware of what SEC had done before.

When he completes the audit, he will express his views with the chairman of the securities and Exchange Commission Mary Jo White.

The leaders of the accounting profession have long asked the United States to switch from the current US generally accepted accounting principles system (GAAP) to IFRS.

IFRS is currently being used in more than 100 countries.

Its supporters say that if a common accounting rule is applied globally, companies and investors will benefit from it.

But because of the cost and the burden of SMEs, the reform process of the US accounting system is slow.

Earlier this year, however, White said that the SFC was planning to re-examine the issue and agreed that it should be given priority.

Training of new accounting system

Recently, the Finance Bureau of Suyu district has organized a special training system for the accounting system of the administrative units, and a total of over 100 financial personnel have participated in the training of the direct administrative units and the 15 townships (parks) financial offices (sub bureaus).

The training combined with the actual practice, the new "administrative unit accounting system" specific provisions, the new and old system connection problems processing methods and the beginning of 2015 subject balance initialization of the focus, detailed explanation.

Through this training, we have laid a good foundation for further standardizing the accounting of the administrative units in the whole region, improving the quality of accounting information, and promoting the smooth convergence and smooth pition of the old and new systems.