What's going on with IFRS these days?
It depends on who you ask and what you read. Consider:
In the United States, the march toward IFRS has been two steps forward, one step back. Every green light is followed by a speed bump or two.
But Peter Margaritis has a message for CPAs: It doesn't matter if the U.S. has implemented international standards. IFRS is already here, and it's time to deal with it.
“I have a client in Tuscon, Ariz., who was purchased by a Mexican company,” said Margaritis, an instructor with the Business Learning Institute and president of IFRS Education and Training, LLC. “Mexico is going (to IFRS) in 2012, and (the Mexican company) told my client, 'You need to be on IFRS by 2012 — not when the SEC tells you, but now.'
“IFRS is already here through the back door, and it's not going to go away, even if the SEC says, 'We're not going to do this,'” he adds. “You've got Canada, Mexico, Japan — all the major economies throughout the world are using IFRS. We will run into it somewhere down the line — and that's if the United States doesn't adopt it. I believe we will.”
I spoke with Margaritis at length about the state of IFRS in the United States during the MACPA's 2011 Maryland CPA Summit. Listen to our discussion in its entirety:
Learn more hereYou'll get a complete debriefing about the state of IFRS with these courses: