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Business, 24.11.2020 23:10 babysitterwick

The SEC has lifted its requirement that foreign companies, which have used IFRS as the basis for preparing their financial statements, must reconcile their financial statements using U. S. GAAP in order to be eligible to list their shares on U. S. stock exchanges. Required: Discuss the possible reasons for this relaxation of rules.

The objective of convergence between IFRS and U. S. GAAP is no longer a priority for the IASB.

Required: Discuss the possible reasons for, and the consequences of, the IASB’s decision.

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