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SOURCE: Diapoules & Feinstein
Following an article published on Accounting Today, which detailed a proposal to create an accounting standards forum, Suffolk County accounting firm Diapoules & Feinstein offers a response.
Bohemia, NY (PRWEB) January 11, 2013
On January 11, Jim Diapoules, partner at Diapoules & Feinstein CPAs P.C., reacted to an article published on Accounting Today about a new proposal to create an accounting standards forum.
According to the Accounting Today article, the International Financial Reporting Standards Foundation released a proposal to create a forum comprised of leading accounting standard setters from all over the world. The forum, called the Accounting Standards Advisory Forum, will be used to give advice on how to improve the International Financial Reporting Standards Foundation. However, all standard setters aiming to participate must abide by the rules already outlined in the International Financial Reporting Standards (IFRS).
In the article, Financial Accounting Foundation Chairman Jeffrey Diermeier supported the need for a forum, but blasted the requirement that reputable standard setters comply with the IFRS.
“Requiring a written commitment to a single set of standards written by the IASB, in full and without modification, would exclude many jurisdictions from membership, including those where the standard setter does not have the final authority to adopt or endorse IFRS,” Diermeier said.
Jim Diapoules, partner at the Suffolk County accounting firm Diapoules & Feinstein CPAs P.C. responds to the article by stating, “While the Financial Accounting Standards Board have shown great temerity in dealing with the drive for new standards, the International Financial Reporting Standards Foundation has moved to the forefront. Given we are now all living with a “World Economy” the time for adoption of international standards has come but to require the complete adoption of IFRS for membership in the Accounting Standards Advisory Forum is a bit harsh. IFRS contains many standards that are radically different from US accounting pronouncements. The effects of changing to IFRS reporting are not widely appreciated and will result in great confusion and cost. The changeover from FASB standards to IFRS needs to be done in a relaxed manner.”
Diapoules & Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.
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