A good summary of the current outlook on IFRS (International Financial Reporting Standards) is at the Financial Times website. Readers will have to register, but registration is free
Major points brought out in the article:
- A primary reason for the pushback is the reform concerning how banks book losses known as Impairment Charges.
- US companies are pushing back because of the expense of changing their GAAP procedures.
- Because the US has pushed back, Japan, India, and China are pushing back.
- The SEC is examining a selective implementation of IFRS rules which many others think would cause chaos.
Meanwhile, the IFRS Board is pushing forward with additional changes explained in their exposure draft. (use this as the hyperlink).
As noted in previous articles "Dragging Your Feet Adopting IFRS? You Aren’t the Only One", about 5% of US companies already publish both GAAP and IFRS statements because of international ownership.
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