Date for GAAP-to-IFRS switch still elusive

Delegates at an accounting forum at Baruch College in New York City appeared
‘too afraid to ask’ Securities & Exchange Commission (SEC) officials on the
Financial Accounting Standards Board-sponsored panel for a firm date when US
companies will be mandated to file financial results using international
financial reporting standards (IFRS).

The ‘date certain’ was still elusive after most of the 35 other members of
the panel noted they could better deal with the inevitable switch from GAAP to
IFRS if they had a firm date. ‘The ball is very much in the court of the SEC,’
Robert Herz, FASB chairman, said.

Shareholders were looking for a ‘date certain’ order from the SEC, one
panelist said, noting shareholders were concerned the regulator would give
companies sufficient lead time for the switch, CFO.com reports.

‘Tell me a due date, then I’ll deal with it,’ Judy O’Dell, FASB president of
private companies financial reporting committee, said. ‘People are too busy
making a living [to start preparing for IFRS when the effective date is
unknown].’

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