Friday, May 23, 2008

Deloitte Survey: We're Not Sure We Are Ready for IFRS

A survey of CFOs and other top financial professionals indicated while the minority of respondents willing to adopt IFRS has grown from 20% to 30%; many respondents had not decided or felt that they were not yet ready. Not surprisingly, the biggest impediment was uncertainty about the complexity and cost of converting to IFRS. The AICPA, Deloitte and Ernst have started IFRS websites with AICPA attempting to facilitate practitioner understanding while the CPA firms attempt to get college text writers to include/improve IFRS coverage.

Perhaps the most useful feature in the article was the links to the the AICPA and CPA web sites. Also of note (and previously predicted here)--the AICPA DOES plan to incorporate IFRS standards in future CPA exams.


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