Fitch Doubts IFRS Standards Implementation in U.S.
A Fitch Ratings report has shared serious doubts that the practice principles of the International Financial Reporting Standards (IFRS) would be fully implemented in the U.S. anytime in the near future, as the Financial Accounting Standards Board (FASB) turns colder on the idea. Three sticking points to the merger of the methods remain financial instruments, insurance and leasing. Financial products with U.S. institutions and those following IFRS protocol present many differences, including approaches in application. These fundamental conflicts mean that a one-size-fits-all approach may simply be impossible. U.S. constituents have also raised concerns that the insurance proposal would not only ensnare insurance, but the non-insuring issuers, as well. It is for this reason that the insurance project has been abandoned. For more information, please visit AccountingToday.com.