Dumping GAAP could ease the burden on some companies, but adopting the streamlined British model has its pitfalls
In the latest example of the waning financial leadership of the U.S., the Securities & Exchange Commission wants to dump the country's complex accounting rules in favor of a simpler set of international principles. It's a major step toward a single worldwide standard—a necessity for creating seamless global markets. But adopting the model, which is relatively new and untested, has its own pitfalls.
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