This article relates to talks about the International accounting standards and the readiness of the United States to take up these standards. The chairman of the New Accounting Standards Board Mr. Hans Hoogervorst tasks hopes that these standards can be successful even if the United do not fully adopt them. The United States have never adopted the International Accounting standards fully unlike many other countries across the world. The United States securities regulators held a meeting on July 7 this year in order to discuss whether the U.S. should adopt a these standards or not (Chasan, 2011). One of the greatest challenges faced by the International Accounting Standards Board is convincing all the countries across the world to take up these standards. These efforts of the board were bearing fruits but after the global economic crisis, these gains were lost.
One of the reasons that make the International Accounting Standards Board to advocate for countries to embrace these standards is to help the businesses in these countries in the process of benchmarking. Benchmarking involves comparing the performance and processes of the best players in an industry with the other players. Thus, when these standards are adopted, all the financial statements will be prepared in the same way. These financial statements will include the cash flow, balance sheet and trading profit and loss statements. This will therefore make it easy for all the players to compare their accounts with those of the competitors. For example, they are able to establish how they allocate the cash in the cash flow, and how they spend their money in the profit and loss accounts. Therefore, the adoption of the International Accounting Standards will greatly help businesses in the process of benchmarking
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