How would loan agreements and other contracts keyed to US GAAP be affected?
The loan agreements and other contracts would need to be renegotiated in such a way as to preserve the essence of the original protection of the parties. • Would companies that use LIFO be able to adopt IFRS? More than one-third of major US companies use LIFO for some or all of their inventories. As it would be politically very difficult to eliminate the LIFO method of inventory costing from the Internal Revenue Code, the SEC might urge the tax-writing committees of the Congress to recommend deletion of the ‘LIFO conformity rule’ from the Code. The Treasury would probably support this elimination in order to enable all US companies to avail themselves of the use of IFRS. • What would be the effect on reporting by private companies in the United States? While SEC regulations apply only to the roughly 12,000 companies registered with the Commission, there are an estimated 20 million private business entities in the United States, including 5 million corporations. Most state corporation l
Related Questions
- How many grants, cooperative agreements or contracts will be awarded to provide technical assistance and training to entities funded under the AT Act and to the public?
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