More insights will come as more U.S.-based companies move ahead with their conversion thinking and efforts.
Fortunately, a new, more constructive mantra has appeared: “IFRS case studies are coming, IFRS case studies are coming!” This case study details United Technologies’ approach to, and insights on Economics, the conversion.
Matthew Birney is a manager in the manufacturing conglomerate’s financial reporting department responsible for International Financial Reporting Standards. He says that there are positives (access to a wider talent pool) and minuses (IFRS is more open to interpretation than GAAP) to the pending move.
The large accounting firms (those with the most SEC registrants) will be a good source for IFRS information; not only do they possess the expertise Economics, but also they have a potentially huge financial stake in the conversion, as IFRS compliance will likely prove complex, time-consuming, and profitable (or costly, depending on where you sit). ###
I’m familiar with the interpretation challenges (and believe that industry standards will emerge fairly quickly to ensure that investors can make apples-to-apples comparisons); the point on talent benefits is new and interesting.
The “IFRS is coming, IFRS is coming!” chorus has quieted a bit amidst all of the uncertainty surrounding the economic crisis, the new SEC leadership, and the future of the U.S. regulatory system.
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