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
Further Reading
The wave of tech fraudsters landing in the slammer rolls on. Elizabeth Holmes of Theranos infamy, crypto hustler Sam Bankman-Fried … ...
It’s December, and month-end still isn’t closed. Day six drags on with bank recs unfinished and support scattered across spreadsheets w...
How many times has your Finance team seen the word “processing” on their laptop screens this week? Instant payments, both via T...
Fewer college students are willing to put in the time and money to become accountants. Finance professionals are concerned about the dwindl...
Ever wondered why Excel features a currency format as well as an accounting format? You’re not alone. The reason is, creating Exce...
There’s no need to panic if you or one of your staffers discover they’ve made mistakes with your company’s 401(k) plan.&nb...
