This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Former IFRIC member Scott Taub reflects on common beliefs about IFRS and US GAAP

  • Book badge (green) Image

08 Aug 2014

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

In his article published in the June 2014 edition of Compliance Week and reproduced in August on the IASB Website Scott Taub looks back to his experiences he made during his past IFRIC membership and discusses beliefs on the following aspects of international financial reporting:

  • Principles- vs. rules-based character of IFRS and US GAAP
  • Relationship between standard setting and enforcement
  • Political influence of the European Commission on the IASB
  • (Lack of) coverage of important matters by IFRS and US GAAP

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.