US regulators drag their heels on IFRS

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During 2012, the progress of financial reporting convergence continued to slow, particularly following the publication of an equivocal Securities and Exchange Commission (SEC) staff report in July.

To further complicate the outlook for 2013, The Telegraph recently reported that the European Commission also plans to undertake a review of international financial standards

 “There are legitimate questions which need to be addressed, in particular whether the application of IFRS in the crisis resulted in overstated profits and imprudent distributions. The Commission services will carry out an assessment of the IAS regulation starting early in 2013... and, if necessary, to propose complementary remediating measures,” wrote Olivier Guersen in reply to a group of i...

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Progress made on IFRS so far should not be wasted.

If the Standards have not been up to the mark in current EU financial crisis, answer is not to create separate national standards but to amend IFRS suitably.

Further as to USA, they have their own way of doing things, other smaller economies can’t convince them, but have to keep momentum going towards greater harmony in standards. As an example USA is still using many non-metric measurements.

We should keep in mind that all international standards efforts will get to minimal common agreements (as starting point), what countries should do is set their own standards as sub-sets of international standards and not in conflict of IFRS.

Zubair Edhy

 

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