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Will Going Global Extend to Accounting?

Sun, 15th February, 2009 - Posted by Administration

GlobeInternational hosting companies like Hosted Environments are already gearing up to help small international businesses prepare for the changes occurring in global finance reporting by upgrading their company communications and managing hosting of software systems that can be accessed from anywhere.

In a recent article in the USA Today Money Section (1-6-2009) called “Will Going Global extend to Accounting?” Edward Iwata notes:

” In a regulatory sea of change that could cost billions of dollars, thousands of U.S. Companies – plus foreign corporations that do business here – will adopt global financial reporting rules within five years if regulators have their way….

In this article experts from the SEC Chairman to the U.S. Chamber or Commerce to the Chairman of the International Accounting Standards Board come out in support of the necessity to have a common system of regulation, auditing and accounting in order to compete and participate in a world economy. Already the European Union and 113 nations including Australia, China, India, Mexico and Canada, have adopted or soon plan to adopt international rules. While many U.S. Executives say that the international standards are wide open to multiple interpretations and a lack of uniform enforcement, other more agile companies are already weaning themselves from the old “legacy ” U.S. accounting system

While large companies can absorb the costs to change to the international accounting standards, small and medium sized businesses may get hit hard by higher accounting bills. By starting now to plan for these changes, small companies can upgrade much less expensively with hosted solutions.

For more detailed information about how our Managed Accounting Software Hosting can help your business,
please call 866-764-8324 or Send us an email, or Submit an Information Request.

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