Experts warn about results of accounting-standards push

10/27/2008 | Financial Week

Experts say that because International Financial Reporting Standards are more principles-based than U.S. generally accepted accounting principles, they do not offer specific guidance on compliance. Therefore, auditors will likely require more disclosure before they sign off on results. The increased disclosure may lead to a revealing of trade secrets, experts at a recent industry conference warned. "IFRS embodies the notion of professional judgment," Barry Melancon, chief executive of the AICPA, said at a seminar organized by an accounting firm last month.

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