The SEC's proposed timeline gives credence to a call by auditors for companies to start paying attention to international accounting rules.
Marie Leone, CFO.com | US
August 28, 2008
It will be interesting to see how the FASB will respond to this, especially since it has some major projects in process (codification, derivatives). Companies will be adopting new accounting pronouncements from the FASB, only to end up switching over to IFRS a couple years later. I certainly hope anything new from the FASB will be completely in sync with IFRS.
Posted by Ryan Rillorta | September 02, 2008 12:59 pm
It should read chart of accounts instead of accountants....
Posted by Pinaki Dasgupta | August 30, 2008 01:06 pm
If the SEC has done any studies on implementing the International Financial Reporting Standards ("IFRS") before they recommended plunging deep into the IFRS unchartered waters, they surely have kept it a secret. Has the SEC engaged other stakeholders in assessing the IFRS, including investor groups, corporate management and accounting firms, the academic community, the state boards of accountancy, and forensic accountants specializing in financial statement fraud, to name a few important groups? Has the SEC ever done a cost-benefit analysis of adopting IFRS? The answers to these critical questions appears to be "No." So, it certainly appears that the SEC has decided to move forward on the IFRS by relying solely on the large public accounting firms and special corporate interests that will financially benefit from the change. Clearly, the SEC is not doing its job.
Posted by Ralph Adamo | August 29, 2008 02:09 pm© CFO Publishing Corporation 2009. All rights reserved.