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Regulators Need to Get Moving on IFRS

Colleen Cunningham | June 30, 2009

Despite an apparent drop in momentum recently, the United States and the world are on a clear path to move to one set of global accounting standards. In fact, the only common theme we’ve seen in comments about the Securities and Exchange Commission’s plan to adopt International Financial Reporting Standards is that everyone believes we should have one set of standards.

The rest of the world has already decided it won’t be U.S. Generally Accepted Accounting Principles, that’s all. The big disagreement is how to achieve a single set of standards.

The proposed SEC roadmap contemplates a continued convergence path through 2011, while the International Accounting Standards Board and the U.S. Financial Accounting Standards Board continue to address accounting issues: financial statement presentation, financial instruments, leases, revenue recognition, and the like. In 2011, a decision would be made as to whether to mandate IFRS beginning in 2014, or to continue...

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