Wednesday, March 11, 2009

Early Adoption of IFRS Appears Unlikely

Many financial executives in the U.S. have begun the initial stages of convergence with International Financial Reporting Standards at their companies, but early adoption in 2009 for qualifying companies will be difficult, if not impossible, due to the significant time requirements, according to a new report.

http://www.webcpa.com/article.cfm?articleid=30934

1 comment:

Jr Accountant said...

Tom Selling over at Accounting Onion seems to believe the IFRS "threat" is over.

From where I'm standing, it appears XBRL is the only viable piece of the IFRS puzzle which has been embraced by CPAs and firms alike.

It will be interesting to see how it unfolds but I think it is safe at this point to assume that Cox's roadmap will be adjusted and/or completely ditched.