IFRS: Americans play hard to get

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The drive for global accounting rules is threatening to stall after the US Securities and Exchange Commission (SEC) continued to drag its feet about saying when or if US public companies should switch to international accounting standards.

The US markets regulator published a non-committal report in July that gave no clue as to when an already-delayed decision on possible IFRS incorporation would be taken.

The International Accounting Standards Board (IASB), which has been working with its counterpart, the US Financial Accounting Standards Board, to narrow differences between IFRS and US GAAP, expressed annoyance at the SEC’s dithering.

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Are we surprised?

When you think of all the other things that we have tried to teach America and failed - English, Football, Beer etc, are we surprised that they want to go their on way with accounting too?

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They have too much ....

they want to be able to hide .... obviously. 

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Given that the SEC

failed, miserably, to regulate numerous corporations involved in serious fraud (Enron etc; which was picked up years before by average CPA's but ignored by the SEC etc) and its existence has been in doubt for years.....just what is the point in expecting it to now suddenly become well managed and tackle this issue.

 

In respect of changing standards. And any reasonable accountant can quickly move over to any new reasonable standards as they're unlikely to ever be revolutionary.

 

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