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Former IFRIC member Scott Taub reflects on common beliefs about IFRSs and U.S. GAAP

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Aug 08, 2014

In a recent article titled “Busting Some Myths About IFRS and GAAP,” Scott A. Taub, whose membership in the IFRS Interpretations Committee (IFRIC) ended on June 30, 2014, reflects on some commonly held beliefs about IFRSs and U.S. GAAP and concludes that some of them “are just plain wrong.”

Mr. Taub discusses beliefs about the following aspects of international financial reporting:

  • Principles- vs. rules-based character of IFRSs and U.S. GAAP.
  • Relationship between standard setting and enforcement.
  • Political influence of the European Commission on the IASB.
  • Coverage (or lack thereof) of important matters in IFRSs and U.S. GAAP.

For more information, see the article (reproduced from the June 2014 issue of Compliance Week) on the IASB’s Web site.

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