Today the FASB held its Forum on issues and considerations with respect to the potential adoption of IFRS by US companies. I had planned to attend in person but I was unable to get to New York. I did however listen to most of the presentation by webcast. There was no video and it was difficult for me to follow who was speaking at times. However, the FASB is to be complimented on having the session which covered a variety of issues. The session was recorded and is available at:
http://fasb.trz.cc/live.php
See also the FEI blog at:
http://www2.financialexecutives.org/blog/blog.cfm?blog_id=1#20080616111610
The FEI blog deals with the SEC and FEI positions on IFRS adoption.
Many US accountants believe that US GAAP is principles-based with a lot of guidance but there is concern with adopting the principles-based IFRS that has much less guidance. This would lead to a different cultural/behavioral shift in the US. One of the speakers spoke about the current environment in the US - about the regulatory instincts and propensity to litigate. He referred to this as “the death threat of liability”.
I will be drawing on the FASB forum over the next few days to cover some interesting areas of interest that were covered there.
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