Thursday, April 02, 2009

UK Regulator Worried US Won't Adopt IFRS by 2014

The United State’s lack of movement toward adopting International Financial Reporting Standards (IFRS) is starting to worry the United Kingdom’s independent accounting regulator, Paul Boyle, CEO of The Financial Reporting Council.

As the G20 met, Boyle told Accountancy Age:
‘I personally think the date for full adoption will be quite a long way into the future past 2014…What we should be focusing on is under what conditions the SEC could allow the companies that want to use IFRS could be given the options to do so, which would be a lot more useful.”

There could be “serious repercussions for global convergence efforts if the U.S. continues to drags its heels, or even pulls out completely,” the paper says.

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