For multinational companies reporting under GAAP and IFRS, there may be longer-term cost savings and improved investor relations from moving to one standard globally.
After all, effective regulation in the public interest is a prerequisite for the effective operation of markets, and the IFRS Foundation is failing in its duty to supply it.
Nokia and Nokia Siemens Networks currently estimates that Nokia Siemens Networks net sales in the fourth quarter 2012 were approximately EUR 4.0 billion and the non-IFRS operating margin was between 13 and 15 percent, which compares to the previous outlook of approximately positive 8 percent, plus or minus four percentage points.
There are worries overseas too, for instance that the SEC will try to interfere with IFRS and interpret it in a narrow, prescriptive way.
The transaction is expected to close in Q1 2012 and should be slightly dilutive to non-IFRS EPS in 2012, and accretive in subsequent years.
Fitch said Nokia needs to stabilize revenues and be capable of generating low-single digit non-IFRS operating profit margins and positive pre-dividend free cash flow, if it is to affirm the current rating.
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Summary: Although convergence between US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) has been the subject of much debate and collaborative effort, it is still unclear when the US Securities and Exchange Commission (SEC) will make a determination about how to proceed, or what its final decision is likely to be.
Non-IFRS Software and software-related service revenue was 3.14 billion Euros, up 21% from a year ago.
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For Q4, the company sees non-IFRS Devices and Services operating margin of -6%, given or take four percentage points.
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Most investors expect the U.S. to adopt IFRS eventually and believe the transition will depend on a clear framework for auditors, a satisfactory level of U.S. influence over standard-setting, and investor education and communications.
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The prospects and desirability of convergence between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) have been much debated, but the SEC has not yet decided whether and how to proceed.
FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint
And a forthcoming ACCA study of IFRS adoption in China finds that companies with the greatest demand for external capital experienced the most increase in the value relevance of their reported earnings.
FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint
And Why, very importantly, if IFRS are to be solely about provision of information for speculators should the resulting standards be applied to the accounts of not-for-profit organisations, and even governments themselves (who are now using them)?
Investors and executives seem to be familiarizing themselves with IFRS at a similar pace.
FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint
U.S. investors believe IFRS adoption will require substantial training and education, including within the investor community.
FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint
Nokia said it expects Q1 non-IFRS operating margin for its devices and services business to be about break-even, down from 4.9% in the fourth quarer.
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T-Mobile USA results are included in the consolidated results of Deutsche Telekom, but differ from the information contained herein as, among other things, Deutsche Telekom reports financial results in Euros and in accordance with International Financial Reporting Standards (IFRS).
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The company also reiterated its previous full year guidance for 10%-15% growth in 2011 in software and software-related services, with non-IFRS (the equivalent of non-GAAP) operating profit of 4.45 to 4.65 billion Euros, up from 4.01 billion a year ago.
Nokia and Nokia Siemens Networks expect Nokia Siemens Networks non-IFRS operating margin in the first quarter 2013 to be approximately positive 3 percent, plus or minus four percentage points.
Non-IFRS operating profit was 1.17 billion, and ahead of consensus at 1.15 billion.
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Investors would like to see a reasonable transition period between the announcement of convergence plans and the compliance deadline, and many would like companies to have the option of adopting IFRS ahead of the deadline.
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The company posted software and software-related revenue for the quarter on a non-IFRS basis of 2.692 billion Euros, up 14%, or 18% in constant currency.
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U., some of the U.S.' largest trading partners, including Canada, Australia and China, are moving closer to adopting the International Financial Reporting Standards (IFRS).
The global audit firms publicly support IFRS adoption in the US because it creates more work for them and may provide a back door opening for liability caps.
Nokia Siemens networks non-IFRS operating margin for the fourth quarter 2012 now expected to be between 13 and 15 percent.
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Although many remain skeptical of the merits of IFRS, those most familiar with the standards are very confident of the level of disclosures and prospects for early adopters.
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The report also compares the U.S. perspective with that of other countries that have adopted or are in the process of adopting IFRS. For example, a previous ACCA study of IFRS adoption in Europe found that the benefits of adoption were greatest in countries with high institutional quality and where stock markets are more important to finance than bond markets or banking.
FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint
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