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

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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


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