IFRS Delay? What it means for you
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.
- Share on
Free Training & Resources
Webinars
Provided by Yooz
White Papers
Provided by Anaplan
Further Reading
It’s December, and month-end still isn’t closed. Day six drags on with bank recs unfinished and support scattered across spreadsheets w...
Wealthy investors are about to lose a tax loophole that IRS allowed for years. The tax cops say its new policy and enforcement will net bil...
There’s an old joke in the corporate world: Accountants are the people who tell you exactly where you’ve been — but never whe...
The Biden administration is planning to add another reporting requirement for publicly traded companies. This time it’s taxes paid to...
Spirit Airlines didn’t fail overnight. The collapse was years in the making – a compounding sequence of financial decisions that an...
Finance departments have spent years investing in automation, but spreadsheets still handle much of the work. A recent survey by AutoRek pu...
