23
Dec
12

IFRS Update . . . again

The problem with having a specific interest in new accounting guidance early in the process is twofold, first, you can be tempted to overreact to each pulse and zig in the conversation. Second, you can get so tired of the back and forth you can lose interest in the issue entirely. I feel I am nearing this second phase with IFRS adoption/convergence in the US. Over the course of the last several years I’ve shared several of my thoughts on how this conversation is going and what the impact might be for not-for-profits. However after years of delay and non-events . . . I’m beginning to lose interest.

 
However, while I’m tempted to tune out IFRS news and dismiss the efforts because they have not yet lead to a single global standard, I think this attitude is premature and fails to celebrate the successes made. In this spirit I share the following article:

IFRS Foundation Trustee: Don’t wave white flag on cooperation

I was particularly struck by this line by James Quigley: “If the ambition is a single set of high-quality, globally accepted, and, in my view, principle-based standards, we’re closer now than we were five years ago, and five years from now, we’re going to be closer again.”

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