At the same time, FASB and IASB are plugging away on the standards that are the most difficult to converge so far, including pension and lease accounting, revenue recognition, and financial-statement presentation. "I want to get a single set of high-quality standards, and I'd like to do it within a reasonable time frame," Herz told CFO.com. That time frame could be between 5 and 10 years from now.
According to DJ Gannon, a Deloitte & Touche partner, large companies will need 18 months to two years of preparation to change over from GAAP to IFRS. He believes it would be possible for the SEC to give 2011 as the year for making such a change, at least for large companies, while other accounting experts have said 2013 to 2015 could be doable for smaller companies.
Reader CommentsDisplaying 2 of 2
vincent nyawai
Jul 20, 2009 8:09 PM ET
I think IFRS 8 is a real shame
1. Who is entityıs chief operating decision maker (CODM)?There is no guidance on who the CODM. 2. International … more
ROBERT F. Kelley
Feb 8, 2008 2:03 PM ET
Hoofmarks of the Maverick
The road to International Accounting Standards began in the mid-1990's with Arthur Andersen & Co. S.C. initiating an … more
Post a comment | View all comments