In the wake of last week's meeting of U.S. and international accounting standard setters, the SEC's Mary Schapiro gives a nod to the rulemakers' convergence efforts.
Marie Leone, CFO.com | US
November 6, 2009
Going to IFRS could create a even playing field for Non-CPA's and CPA's. Companines have become to rely on CPA firms for more than the quarterly or annual audit assignments. If companies focus on creating internal IFRS experts this would save money and give the company more flexiblity working with IFRS and a better understanding.
Posted by James Blackwell | November 09, 2009 09:17 am
"IFRS, making accountants wealthy with no benefit to their clients..." But just a little. This isn't about making accountants wealthy, but the Big 4. Once they can dispense with GAAP, they have a huge pool of eager, smart people without big student loans. They get to outsource their work, just as they've been advising clients to do for years.. They WILL ram this through, and while it will never happen, should be tried for treason.
Posted by Super Heater | November 06, 2009 11:27 pm
Hopefully it's not too late for her to rethink her nod and undo it...IFRS, making accountants wealthy with no benefit to their clients...
Posted by Thomas Tone | November 06, 2009 04:04 pm
re the suggestion that only the biggest 100 (300) firms should switch to IFRS; Bear in mind that the biggest 100 (300) firms account for approximately 50% (70%) of total market capitalization of the US market. Figures are similar based on sales or profits or shareholders equity. i.e. if the number of firms switching were set at 300 (plus volunteers) it is likely that in excess of 70% of market cap would have switched. At that stage, one wonders how viable it would be to keep a US GAAP system for the remainder. (Having said that, the market cap of the non-required switchers would likely be in excess of $3 trillion.)
Posted by Stephen Brown | November 06, 2009 04:04 pm© CFO Publishing Corporation 2009. All rights reserved.