US should move to IFRS in five years

PwC’s chief executive Samuel DiPiazza believes that large companies could be
ready to move from US GAAP to IFRS – a much earlier timetable than that proposed
by US regulators.

‘The Europeans did it in five years. I would find it difficult to think that
the Europeans are that much more capable than the Americans. It is certainly
possible for all large-cap companies to be in IFRS by 2015,’ said DiPiazza.

US Securities and Exchange Commission chairman, Christopher Cox, this week
announced that plans will be drawn up in the course of the year so as to move US
companies to global accounting standards.

Further reading:

Cox wants a date set for US move to IFRS

Accounting: Time to join us

EU may have to accept US GAAP next year

Related reading

Fiona Westwood of Smith and Williamson.