It looks like the race to the bottom is on.
Avoiding US accounting laws and using international regulations will reduce compliance costs for large, international companies. Or so they say.
I liked this quote:
U.S. companies have led the effort to move to international rules because they think “it gives managers a lot more flexibility to do whatever they want in financial reports in terms of how they measure income and assets,” said Edward Ketz , an accounting professor at Pennsylvania State University. "Corporations are digging the grave” for U.S. standards.
Category: The Corporation, US economy