US IFRS Reform Pushed Back to Mid 2013

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A good summary of the current outlook on IFRS (International Financial Reporting Standards) is at the Financial Times website.    Readers will have to register, but registration is free  https://www.ft.com/intl/cms/s/0/0b179ef2-99bb-11e1-8fce-00144feabdc0.html#axzz1wrt2vpPQ

Major points brought out in the article:

  • A primary reason for the pushback is the reform concerning how banks book losses known as Impairment Charges.
  • US companies are pushing back because of the expense of changing their GAAP procedures.
  • Because the US has pushed back, Japan, India, and China are pushing back.
  • The SEC is examining a selective implementation of IFRS rules which many others think would cause chaos.

Meanwhile, the IFRS Board is pushing forward with additional changes explained in their exposure draft.  (use this as the hyperlink).

https://www.ifrs.org/NR/rdonlyres/8F543B4A-40BE-4924-AE7F-2D3C639E0270/0/EDAnnualImprovementstoIFRSs20102012_WEBSITE.pdf

As noted in previous articles "Dragging Your Feet Adopting IFRS? You Aren’t the Only One", about 5% of US companies already publish both GAAP and IFRS statements because of international ownership.

By Gloria Braunschweig, The IFRS Implementation Expert for Dynamics GP, with Computeration, a Pacific Northwest Microsoft Dynamics GP Partner

Computeration specializes in ways to enhance your company’s solutions with Microsoft Dynamics GP in Idaho, Oregon, and Southwest Washington, with clients around the world, Computeration makes your implementation successful by offering experienced project management, data integration, training, and consulting services.

Request your copy of  If IFRS is on Your Horizon, What are Your Choices? now.

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