BUSN 5600-The Financial Accounting Standards Board

The Financial Accounting Standards Board (FASB) sets the accounting rules for public companies in the United States. These accounting rules are known as Generally Accepted Accounting Standards (GAAP). The International Accounting Standards Boards (IASB) proposes international accounting rules. These rules are known as International Financial Reporting Standards (IFRS). There has been considerable discussion concerning the possibility that the United States would replace GAAP with IFRS. Apparently, this is not going to happen in the immediate future. The Securities Exchange Commission (SEC) can enforce GAAP. Who enforces IFRS? Is enforcement of IFRS a problem?