Yesterday, the SEC hosted its fourth Roundtable on IFRS. The SEC was especially interested in participants views on the robustness of IFRS during the turmoil of the last few years.
Concerns were expressed about the lack of maturity of IFRSs as a body of Standards. There were also concerns about the absence of specific rules in IFRS when compared with US GAAP.
1.There should be a single set of global accounting standards.
2.Whereas US GAAP has the rigor to meet the challenge of being a single standard, there is a continuing momentum to adoption of IFRS worldwide as the global set of standards for financial reporting.
3.The transition to IFRS in the
There were a number of excellent points made on specific issues and I may come back to the specific points in future discussions in this blog. (I took a lot of notes).