US SEC's IFRS roadmap 'should be applauded'...
The International Financial Reporting Standards (IFRS) roadmap issued by the US Securities and Exchange Committee (SEC) is to be applauded, according to one expert.
Danita Ostling, US IFRS leader at Ernst and Young, believes that the document is a key step in the adoption of a global accounting language, something that can only benefit economies.
Speaking at the firm's annual Financial Reporting Outlook conference, he said: "More than 100 countries require, permit or base their standards on IFRS and the number is increasing. It's vital we all speak the same accounting language."
He also urged US companies considering early adoption of IFRS to focus on moving forward, despite the fact that the rules changes will not be comprehensively outlined until after a 90-day consultation period.
The document could result in US firms having to implement IFRS from 2014, with the choice of doing so as early as the end of next year.
Its publication has already been welcomed by Sir David Tweedie, chairman of the International Accounting Standards Board.
Danita Ostling, US IFRS leader at Ernst and Young, believes that the document is a key step in the adoption of a global accounting language, something that can only benefit economies.
Speaking at the firm's annual Financial Reporting Outlook conference, he said: "More than 100 countries require, permit or base their standards on IFRS and the number is increasing. It's vital we all speak the same accounting language."
He also urged US companies considering early adoption of IFRS to focus on moving forward, despite the fact that the rules changes will not be comprehensively outlined until after a 90-day consultation period.
The document could result in US firms having to implement IFRS from 2014, with the choice of doing so as early as the end of next year.
Its publication has already been welcomed by Sir David Tweedie, chairman of the International Accounting Standards Board.
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