Transition to IFRS sparks debate
The Securities and Exchange Commission is trying to chart the way for companies to transition to International Financial Reporting Standards, but there is no clear consensus about how the transition should be made, an SEC official says. "The comment letters on how to get there were an array, meaning every possible idea you could think of on how to get there, somebody had in a letter -- there was no unanimity," said Julie Erhardt, deputy chief accountant at the SEC. There is considerable debate over the cost of the transition, and over whether it is fully supported by Congress.
Reuters | 11/05
This story published in CPA Letter Daily on 11/06/2009
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