IFRS Bandwagon heading for US? Are you ready to board?
By vini.sondhi on Feb 11, 2008
I was pleasantly surprised to see that SEC had a roundtable discussion on December 13th debating whether the domestic issuers in US should also be permitted to use IFRS in lieu of US GAAP � The SEC recently approved rule amendments permitting foreign private issuers in US to use IFRS standards instead of US GAAP.
In his recent speech on Feb 8th,2008, SEC Chairman Christopher Cox has promised �an updated roadmap that lays out a schedule, and appropriate milestones on which the schedule will be conditioned, for continuing the progress that the United States is making in moving to accept IFRS in this country.�
IFRS standards are mandated or permitted in over 100 countries across the world. So, this seems a logical next-step in adoption of global accounting standards in US � I know a lot of multinational Oracle customers are currently reporting in US GAAP and IFRS today � and, am aware of the challenges that they face on a day-to-day basis. This move, if and when it happens, might go to alleviate the overhead associated with reporting in two differing standards.
The perspective expressed in this blog entry is not of Oracle nor its Management, nor of all it�s developers that stand to gain by the way of fixing the bugs associated with differing Accounting standards.