CPAs might be coming to grips with the notion of International Financial Reporting Standards, but regulators apparently still have some issues to iron out.
The move to converge U.S. generally accepted accounting principles and IFRS could be pushed back by as much as six months as folks at the Financial Accounting Standards Board and International Accounting Standards Board modify their convergence strategy and take a more deliberate approach to gathering feedback.
“We’d all like to see the work done as expeditiously as possible, but we don’t want to sacrifice proper due process,” FASB Chair Robert Herz told Reuters.
In a joint statement, the FASB and the IASB said most convergence projects remain on schedule to hit the June 30, 2011 deadline, but that “the target completion dates for a few projects have extended into the second half of 2011. The nature of the comments received on the exposure drafts will determine the extent of the redeliberations necessary and the timeline required to arrive at high quality, converged standards.”
SEC Chair Mary Shapiro seems happy with that explanation, calling the extension “time that is well invested.”
“I am confident that we continue to be on schedule for a Commission determination in 2011 about whether to incorporate IFRS into the financial reporting system for U.S. issuers,” Shapiro added in a statement of her own.
The extension seems like a smart move, given the healthy dose of skepticism that many business executives are showing toward IFRS these days.
The issues seem to go far beyond the need for thoughtful deliberation, though, and that leaves me wondering if six months will be enough. The latter half of 2011 could be interesting on the convergence front.
Let us know your thoughts about IFRS, then check out these related resources:
- Spin doctors working overtime on IFRS
- Six reasons IFRS might not happen (soon)
- MACPA spring town hall meetings / professional issues updates
- Sept. 14 CPE: IFRS Update and Review of Complex Topics
- Sept. 27-28 CPE: IFRS Essentials with GAAP Comparison
- Oct. 6 CPE: IFRS vs. GAAP
- Dec. 7 CPE: International vs. U.S. Accounting: What in the World is the Difference?
- Dec. 14 CPE: The Impact of IFRS on Private Entities
Related on-site learning options:
- IFRS Essentials with GAAP Comparison: Building a Solid Foundation
- IFRS for Small- and Medium-Sized Entities
- IFRS Update and Review of Complex Topics
- IFRS vs. GAAP: The Differences That You Need to Know
- International Accounting Standards Differences with U.S. GAAP
- International Financial Reporting Standards (IFRS)
- International Financial Reporting Standards (IFRS) From 5,000 Feet
- International Financial Reporting Standards: An Overview of the Looming Change to Global Standards
- International versus U.S. Accounting: What in the World is the Difference?