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Convergence Coming, but at What Pace?

Colleen Cunningham | July 29, 2008

In case you haven’t heard, International Financial Reporting Standards are coming to the United States—so it’s not IFRS, it’s WHENRS!

Bad puns aside, the financial reporting community is expecting the Securities and Exchange Commission (now that all the open commissioner slots are filled again) to issue a proposed roadmap for adopting IFRS sometime in the near future. Nearly 100 countries already use IFRS, including Britain, Australia, and most of Europe. Canada, our largest trading partner, will adopt IFRS by 2011; China and several other important nations are close behind.

The Financial Accounting Standards Board and the International Accounting Standards Board have been working since 2002 to converge IFRS and U.S. Generally Accepted Accounting Principles. (Actually, they had been working together on harmonization efforts for many years prior to that!) As a member...

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