Marie Leone, CFO.com | US
August 27, 2008

Will previous periods reported GAAP be recast?

One question which looms large in my mind is: Will companies be required to recast previous periods for the purpose of comparability (period over period)?

Posted by Wayne Silverman | Nov 17, 2008 5:51 PM ET

Reply to Super Heater's comment

Great points! I think we are all in for an expensive ride with minimal benefits.

Posted by Ed Patton | Sep 3, 2008 8:15 AM ET

IFRS Cheerleading

I find it absolutely fascinating that Cheerleader Cox is so enamored of IFRS. There can be no greater example of "regulatory capture" than having a regulator serve as an advocate for the preferences of those entities under his jurisdiction.

We are constantly told that American business will be at a distinct disadvantage if it doesn't join the rest of the world with IFRS, but where does administrative agency have the constitutional or statutory authority to require, under penalty of law, American citizens to comply with the dictates of an unaccountable transnational NGO.

It may allow the Big 4 to pursue their dream of closing the gap between employment and servitude and make closing easier for transnational giants, but how will an expensive transition serve the American citizens?

Beyond that, despite all of the nebulous claims of "robustness", I have yet to see anywhere where there's a side by side comparison of GAAP with IFRS, showing a clear case that IFRs has great economic verity, reliablility, relevance or any other attribute of an effective and efficient method of accounting.

"Everybody else is doing it" isn't a reason to require extraordinary transition costs and the a sacrifice of national sovereignty, its the pathetic excuse of wayward individual caught in "flagrante delicto".

Posted by Super Heater | Aug 28, 2008 9:59 AM ET

Thanks for the Update

I went to a conference last week on the IFRS topic and the comparison to US GAAP and it was helpful.

Posted by James Blackwell | Aug 27, 2008 4:33 PM ET