Stephen Taub, CFO.com | US
April 30, 2008

Neither merger nor takeover

The myopic view that the International Accounting Standards are somehow being designed to accomodate or obliterate US GAAP emerges again. The IFRS are a global set of standards being adopted by over 100 countries around the world. The US has the option to adopt or not. The conspiracy or overthrow theory that is implied time and time again is popular myth. Both the FASB and the SEC have supported the adoption of a single set of high quality accounting standards for some time now and are working hard to accomodate that vision. This is not a conspiracy to obliterate US GAAP, as some US centric observers might suggest, in fact it has little to do with US GAAP. The international standard setting community, including the FASB is in concert, developing a single set of standards based upon the collective wisdom of many. To imply that behind the design of the IFRS, was a hidden agenda to elliminate US GAAP outright, is naive. The best of all worlds are being brought together in a collective body of work with the aim of improving clarity and transparency in accounting and reporting in all countries.

Posted by ramona dzinkowski | Apr 30, 2008 2:56 PM ET