Financial Executives International has just published a new report on the state of adopting International Financial Reporting Standards in the United States. It’s worthwhile reading, especially for anyone skeptical we can adopt IFRS here by 2014. Your suspicions will be validated.
The report starts with several pages about the proper way to plan for conversion to IFRS, and many of those steps are sensible: win support from senior management; map out any significant changes to accounting policy; inventory your overseas subsidiaries to see who is using IFRS already. But then comes the prosaic truth: Corporate America isn’t going to adopt IFRS until someone actually orders them to convert to IFRS.
