February 13, 2008

• better start learning IFRS

  IFRS over GAAP: "Securities and Exchange Commission chairman Christopher Cox, in a
  speech last week, quashed any doubts that the regulator will one day
  allow U.S. companies to use international financial reporting standards
  rather than GAAP. The SEC is working on a road map for transitioning U.S. companies to
  the global rules, he told members of the European-American Business
  Council."

  Yuck, pension accounting *shudders from the horror*: "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."

  When will this happen? "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."

  Complete article located here

  • 4:28 am
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