Before the SEC published its roadmap for the switch to International Financial Reporting Standards, we asked a large group of industry leaders if they thought the accounting profession was ready for the shift - and if not, what it needs to do to get ready.
We have been discussing international convergence and the potential move to IFRS in the U.S. with many groups, most recently at a June 16 forum that we hosted specifically on this topic. While there appears to be fairly widespread support for movement to "a single set of high-quality international standards," a variety of views were expressed regarding the state of readiness and the many system-wide infrastructure issues that would need to be addressed to ensure an orderly transition. In general, commentators from large companies and the major audit firms seem to be the furthest along in their awareness of this subject and in beginning to address the related issues. Representatives from smaller and private companies and smaller accounting practitioners generally felt that they would need more time to adjust to any such change. - Robert H. Herz, Chairman, FASB
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