Have Any Major U.s. Companies Begun Transitioning To Ifrs?

1.	Have Any Major U.s. Companies Begun Transitioning To Ifrs?
Answer» Until the Securities and EXCHANGE Commission issues a RULE allowing or requiring U.S. public companies to adopt IFRS, they must continue to prepare their FINANCIAL statements under U.S. GAAP. Several large MULTINATIONAL corporations, however, have started using IFRS for their foreign subsidiaries where allowed by local law. Also, some U.S. subsidiaries of foreign-owned companies are also using IFRS. Until the Securities and Exchange Commission issues a rule allowing or requiring U.S. public companies to adopt IFRS, they must continue to prepare their financial statements under U.S. GAAP. Several large multinational corporations, however, have started using IFRS for their foreign subsidiaries where allowed by local law. Also, some U.S. subsidiaries of foreign-owned companies are also using IFRS.

Answer»

Until the Securities and EXCHANGE Commission issues a RULE allowing or requiring U.S. public companies to adopt IFRS, they must continue to prepare their FINANCIAL statements under U.S. GAAP. Several large MULTINATIONAL corporations, however, have started using IFRS for their foreign subsidiaries where allowed by local law. Also, some U.S. subsidiaries of foreign-owned companies are also using IFRS.

Until the Securities and Exchange Commission issues a rule allowing or requiring U.S. public companies to adopt IFRS, they must continue to prepare their financial statements under U.S. GAAP. Several large multinational corporations, however, have started using IFRS for their foreign subsidiaries where allowed by local law. Also, some U.S. subsidiaries of foreign-owned companies are also using IFRS.

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