U.S. companies preparing for IFRS conversion.

Author:Steffee, S.
Position:International Financial Reporting Standards
 
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LEADERS OF THE GROUP OF 20 (G-20) NATIONS URGED the world's accounting bodies to complete work on their standards convergence project by 2011 at their September summit in Pittsburgh. In their closing statement, the leaders called on standards-setters to "redouble their efforts to achieve a single set of high-quality, global accounting standards." That sentiment was echoed by comments from U.S. Securities and Exchange Commission (SEC) Chief Accountant James Kroeker about the importance of global standards.

A Deloitte survey released shortly after the G-20 meeting indicates that U.S. financial executives support convergence. More than 70 percent of the 150 chief financial officers and other finance professionals polled in September say the SEC should approve its proposed roadmap for adopting International Financial Reporting Standards (IFRS) or a modified version. The roadmap, issued in November 2008, would require U.S.-listed companies to convert from U.S. Generally Accepted Accounting Principles to IFRS in phases through 2016.

"Clearly, these announcements have energized discussions on the future of IFRS in the United States," says D.J. Gannon, partner and national leader of Deloitte's IFRS Center of Excellence. "The movement towards a...

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