On top of everything else, the Wall Street meltdown could end up affecting the accounting standards switch from GAAP to IFRS.
Though the Securities and Exchange Commission insists everything is still on schedule, experts aren’t so sure. And many believe the credit crisis is to blame.
For example, in early September the SEC stated it would release the timetable for the IFRS switch by last week — at the latest. After missing the mark, an SEC spokesperson says the timetable will be unveiled “in a couple of weeks, if not sooner.”
The Commission’s inability to stick to a schedule has led to speculation that the IFRS switch will not be implemented by 2010.
If these predictions hold true, it can mean a great opportunity for those unprepared companies. As we reported previously, IT departments are likely to be the most affected by the switch. So if your IT department isn’t where it should be on the IFRS switch, you may still have time.
Stay tuned for more updates on the SEC’s proposed timetable.
