IFRS does the size of the regulatory "big stick" matter?

Tim Reason posted a blog entry on the CFO.com website today as a follow up to his article I referred to yesterday. It raises an interesting point that merits discussion. Would the rules under IFRSs be more strictly monitored and enforced under an SEC regime which is widely believed to be more rigorous than many other jurisdictions? (my words and interpretation) Do preparers more readily take advantage of exceptions in other jurisdictions? The example in question in Reason's article and blog post is disclosure of contingencies under IFRS - how is IAS37 actually applied in practice?

Please go and read his piece. I made a comment on it which I would like you to read also. How would this matter be resolved? One way is though a proposed monitoring group including regulators from different global juridictions - see the proposals under my posting in July. Inconsistences should be discussed and resolved if we are to have a true global standard of financial reporting.