Everyone's still talking about IFRS, but they're not speaking the same language.
Look at what's hit the wires in just the past few days alone:
The article paraphrases Wyman as saying that IFRS is “too academic, complicated and unintuitive.”
“Asked which are the most crucial accounting issues their companies are facing in 2011, 34 percent of the 472 CFOs who responded to the question ranked 'convergence to IFRS,' or international financial reporting standards, as number one. Cumulatively, the respondents ranked IFRS convergence higher than any other accounting issue. Yet asked to describe their companies' 'readiness to comply with global accounting standards,' 44.2 percent said they hadn't 'begun to address convergence,' while 38.8 percent said they were preparing but were 'far from ready.'”
Make no mistake: IFRS is coming to America. The debates over when, how, and whether we are prepared continue unabated. It's going to be fun to follow.
Check out these related MACPA / BLI offerings: