The article desribes about the International standards of financial reporting which has to be followed by organisation inorder to create standerdised practice of accounting. This helps in assessing the financial requirements, planning for an organisation in a much optimistic way so that their trading and other operations can be qualitatively assessed. The AICPA beleives that US adapatation of globally accepted financial standards will be benefit for organisation in US.They states that 3-5 yrs is required for any organisation to sjccessfully transition to IFRS system.The board enourages SEC to use the current levy on US companies for all their transaction to make it more transparent and unique.The SEC has setup certain high level standards for the companies listed for public offerings to meet with their IFRS principles.For private organisation especially small and medium segment organisation AICPA has proposed IASB in 2008 .It consists of fifteen members from major nine countries and it is governed by IFRS foundatiton.
The stadardas are really useful and it helps to avoid duplication of accounting and malpractices or illegal trading related to the organisation. it helps adutiors to followe particular standard which is common across industries and over countries. Thie provide a space for smooth transaction and trading opportunities without any huzzle.
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