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Institutes get behind IFRS big bang -
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<h1>Institutes get behind IFRS big bang</h1>
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<p id="flame_author_id">
<a href="#">by Rose Orlik</a>
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26 Sep 2011
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<p><strong>UK INSTITUTES </strong>have thrown their weight behind rapid adoption of international financial reporting standards in the US.</p>
<p>This so-called big bang approach would see large companies immediately empowered to prepare accounts in IFRS, with smaller businesses following suit.</p>
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Further reading
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<h4><a href="/aa/news/2111012/investors-ifrs-unfit-purpose" title="Investors: IFRS unfit for purpose">Investors: IFRS unfit for purpose</a>
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<h4><a href="/aa/news/2098564/banks-favour-ifrs" title="Banks favour IFRS 9">Banks favour IFRS 9</a>
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<h4><a href="/aa/news/2108026/credibility-funding-focus-ifrs-debate" title="Credibility and funding in focus at IFRS debate">Credibility and funding in focus at IFRS debate</a>
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<p>ACCA said a speedy jump would facilitate trade and the transfer of skills, warning an extended convergence period could diminish the comparability of accounts and affect the quality of global standards.</p>
<p>Head of financial reporting Richard Martin said US regulator the SEC "will ultimately want to see a consistent reporting base", but questioned the proposed convergence timescale of seven years.</p>
<p><strong>Seven-year itch</strong></p>
<p>A protracted transfer could undermine the quality of global standards and attraction for preparers and users of accounts, he warned, by allowing irregularities to creep in.</p>
<p>Some slow-and-steady advocates have argued that the US's huge pool of domestic companies would suffer unnecessarily if forced to drop US GAAP, reaping none of the benefits of international comparability.</p>
<p>Martin disagreed, questioning how many companies would choose to remain resolutely closed to foreign investment, even if their current shareholders are all American Pie.</p>
<p>And accounting standards are not just about what companies want. Investors are interested in cross-border comparison and IFRS should be the facilitator, even if businesses themselves have no global aspirations.</p>
<p><strong>Comparable questions</strong></p>
<p>America argues that even with a long lead time to IFRS, pressure for comparability would keep standards on the straight and narrow, avoiding the drift some commentators fear.</p>
<p>Dr Nigel Sleigh-Johnson, head of financial reporting at the ICAEW, is unconvinced. He warned gradual change could "result in a rather incoherent and complex accounting framework", saying rapid adoption would minimise market disruption and be "easier for everyone".</p>
<p>Big bang advocates point to countries like Canada and Australia as evidence of the strategy's success. However, the vast majority of adopters spend a few years settling in to the standards, often debating or implementing regional variations.</p>
<p>Much of the IFRS Interpretations Committee's time is spent helping new converters work through contentious issues, and it is rare that a seamless switch sees countries merrily accept IFRS without a backward glance.</p>
<p>It could be argued that the US's proposed convergence period is simply an official version of this adaptation process, one that all nations go through, but others are too compliant to suggest.</p>
<p>Nevertheless, it is undoubted that a fast switch to IFRS allows companies to gather together financial metrics and restate key figures all at once, potentially reaping greater benefits from comparability.</p>
<p><strong>At what price change?</strong></p>
<p>Countries that adapt IFRS to their own needs could lose the advantage of global standards, Martin suggested, as each minor change introduces a host of unanswerable questions for the investor.</p>
<p>How important is the variation? What are its implications? Each layer of disparity takes accounts further from the goal of global comparability.</p>
<p>Ultimately, the success or otherwise of a US switch to IFRS depends upon commitment to comparability. If the US insists on a long convergence window and ultimately arrives at the same place as other IFRS users, it will fulfil the goal of global standards - albeit a little late.</p>
<p>If, however, slow convergence brings with it a slew of nips and tucks that result in the bastardisation of IFRS, no one will have won, and least of all US businesses.</p>
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<span>Related topics:</span>
<ul>
<li><a href="/category/institutes" title="Institutes">Institutes</a></li><li><a href="/category/accounting-standards" title="Accounting standards">Accounting standards</a></li>
<li><a href="/tag/acca" title="ACCA">ACCA</a></li><li><a href="/tag/icaew" title="ICAEW">ICAEW</a></li><li><a href="/tag/ifrs" title="IFRS">IFRS</a></li>
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<h3>
USA & IFRS??<a href="javascript:void(0)" name="comment_562384"></a>
</h3>
<p>Last time I checked, there was NO decision that we will implement IFRS! There is a significant number of CPAs and organizations in the USA that do NOT support IFRS! Why do we need to change our GAAP? It isn't like IFRS makes anything better and this promotion of IFRS by various groups should NOT influence our decision. My clients are quite content with GAAP and do NOT plan to go to IFRS. IFRS is nothing more than busy work and change for the sake of change. Enough already!</p>
<p class="common_date">
Posted by:
Florida CPA, 27 Sep 2011 | 15:22
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<h3>
Get Real<a href="javascript:void(0)" name="comment_562456"></a>
</h3>
<p>The US is about 25% of the world economy. While the rest of the world has not made an agreement we are the major influence but when they have then we are the minority. Or does anyone think we are not a part of the world? IFRS is not perfect but we can have a big influence if we partake but none if we remain isolated. Even if we try to reject IFRS it will have an increasing influence in the USA which will accelerate in the years ahead. US GAAP has a lot to offer and we need to offer it - it will be considered and we will all be better off. The Internationalization of our Public companies cannot be held back so we will have to prepare IFRS FinStats anyway. The aim is to have one set of standards! The Accountancy profession is leading this one and they are responding to what users want. Clients may not want to produce Financials at all but then where would we be?</p>
<p class="common_date">
Posted by:
Cliff Beacham California CPA, 27 Sep 2011 | 18:53
</p>
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<div class="visitors_comment_content">
<h3>
US GAAP & IFRS<a href="javascript:void(0)" name="comment_562596"></a>
</h3>
<p>US GAAP has evolved over years and is most suited for the American businesses and its reporting. It is accepted around the world as valid and applicable principles of accounting. Change to IFRS is preposterous. There are huge implications with the change and it will be many years before public will begin to understand and accept IFRS. America has been a market maker and a leader and its US GAAP is ably supported by FASB and enforced by SEC. US should not converge just for the sake of changing the system to comply with reporting requirements of the world. US businesses and capital markets dominate the world and if the world needs to deal with US, then they need to follow US GAAP and the US companies dealing with other countries needs to comply with the respective standards. There are several anti arguments against IFRS, so it is fair to say that US GAAP should remain and not converge with IFRS
</p>
<p class="common_date">
Posted by:
MM Texas CPA, 28 Sep 2011 | 05:41
</p>
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<div class="visitors_comment_content">
<h3>
Please leave us alone!<a href="javascript:void(0)" name="comment_562653"></a>
</h3>
<p>We don’t need cross boarder British accountants to tell us what to do! It is the US regulatory regime. US GAAP did and will continue to serve US corporations and investors well in the decades to come.
</p><p>
</p><p>The Brits should put their house in order first! IFRS isn’t better than even the Chinese GAAP.
</p>
<p class="common_date">
Posted by:
G. Moore, US CPA, 28 Sep 2011 | 08:54
</p>
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<div class="visitors_comment_content">
<h3>
IFRS isn't British<a href="javascript:void(0)" name="comment_563905"></a>
</h3>
<p>Reading your comments I am stunned! Have you ever read one of th IFRSs?? I don't even think you know that IFRS is principle based, while US GAAP is all rules. IFRS is about 900 pages excluding guidance and other material compared to 2000 pages plus rules.
</p><p>
</p><p>IFRS has the potential to be an excellent tool to transform global markets. It's transparent and gives users of statements a lot of useful info.
</p><p>
</p><p>IFRS is also continuously being transformed and updated as markets require change.
</p><p>
</p><p>The US is one country while most of the world implement IFRS. You don't always have to be difficult for the sake of being difficult. Do the right thing for once!</p>
<p class="common_date">
Posted by:
MJ CA(SA), 01 Oct 2011 | 18:12
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<h3>
What is US GAAP?<a href="javascript:void(0)" name="comment_565285"></a>
</h3>
<p>TO: MJ CA(SA)
</p><p>
</p><p>What do you mean US GAAP is all rules?
</p><p>
</p><p>Do you know what US GAAP means?
</p><p>
</p><p>Do you know anything about hierarchy of GAAP?
</p><p>
</p><p>IFRS is in fact part of US hierarchy of GAAP!
</p><p>
</p><p>By the same token, why Brits won’t adopt EU Constitution and EUROs?
</p>
<p class="common_date">
Posted by:
california cpa, 04 Oct 2011 | 10:02
</p>
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<div class="visitors_comment_content">
<h3>
IFRS - Anti-Innovation<a href="javascript:void(0)" name="comment_566167"></a>
</h3>