Section Six: The Creation of new Accounting Standards
i. Adoption of IFRS for publicly traded companies and prohibition against use of Atlasia GAAP
Currently many of our major trading partners have adopted the use of IFRS. It is time for Atlasia too adopt IFRS as well. IFRS also closes many of the tax loopholes that business currently take advantage of.
ii. Creation of new financial accounting standards by the Atlasia Financial Accounting Standards Board. Privately traded companies may use these new standards as an alternative to IFRS. This will give the option for privately to use an alternative IFRS. While IFRS is regarded as the "gold standard" in accounting standards, the Atlasia government understands it may not be financially feasible for some privately traded companies to use IFRS.
Section Seven: When this bill shall take effect.
i.Sections 1-5 shall take effect for the 2018 fiscal year. Section 6 shall take effect for the 2021 Fiscal year.
Sponsor: NeverAgain
I would like to first off thank this member for bringing up what is a truly important bill to the table. I have proposed an amendment that will have Publicly traded Atlasia companies switching to the more internationally used IFRS. This amendment will also will have the Atlasia Financial Accounting Standards Board create a new set of standards that privately traded companies will have the option to use instead of IFRS. These new standards will further cut many loopholes that business can take advantage of and ensures that Atlasia businesses are following the same standards as many of Atlasia top trading partners (these countries include the EU member nations, Russia, Canada, Australia.)
