IFRS faces critical year

The takeup of international financial reporting standards faces a critical
year, according to Ernst &

It applauded the level of takeup of IFRS across the globe, but warned that
the US and international standard setters still faced hurdles to meet the
convergence goal.

“The challenges faced by the Securities and Exchange Commission, the
International Accounting Standards Board and the Financial Accounting Standards
Board should not overshadow the significant progress made to date across the
globe,” said Ruth Picker, global IFRS leader at Ernst & Young.

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Divided we fall

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