[Answered] ACCT 525 Week 2 Homework Assignment: IFRS in Mexico – Process

Instructions 

  1. Description of Mexico’s Process to adopt IFRS.
  2. Did Mexico adopt IFRS or did they make changes to IFRS to adapt it to its country’s culture or regulations?
  3. Adoption of IFRS on Mexico companies made it easier to access the capital market.
  4. Based on your research regarding your selected country, should the US SEC mandate adoption of IFRS? Why or why not?
  5. What is your personal opinion regarding whether the US SEC should mandate the adoption of IFRS?

SOLUTION  

The Process

In 2007, the Accounting Standards board of Japan (ASBJ) and the accounting International Accounting Standards Board (IASB) signed the Tokyo agreement, which marked a major step forward for IFRS reform in Japan. The agreement’s stated goal was to speed up the convergence between IFRS and JGAAP (Hinks, 2013).

The Financial Services Agency (FSA), Japan’s financial regulator, created a clear path for acceptance of IFRS in 2009, with a decision year of 2012 and implementation beginning in the fiscal year 2015/16. It was generally accepted in Japan that they were watching to see which direction the United States would go. (Lamoreaux, 2011).……please click the icon below to purchase the solution at $10