Tuesday, December 04, 2007

Time to Converge, Say Global Accounting Leaders

A survey of 143 accounting industry leaders recently given by the International Federation of Accountants indicated that 89% believed that convergance of national accounting standards with International Financial Reporting Standards was very important. AICPA Chairman Barry Melancon asserted that the findings demonstrated the necessity of convergence in an increasingly global marketplace. Other survey findings included significant accountant shortages in North America and the Asia-Pacific region and auditor liability is still a significant concern.

Even taking into account that the IFA survey might have selection bias, 89% seeing a great need for accounting convergence is not a trivial finding. Whether the politics of convergence in the U. S. is viable, however, may be a different matter--many accountants, already facing learning XBRL and other changes, may resist significant change from present U. S. GAAP.


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