FEI notes IFRS as one of its 'Top 10' challenges for finance executives in 2011
Jan 13, 2011
Financial Executives International (FEI), an association for CFOs and other senior finance executives based in North America, has published FEI CEO's 2011 Top Challenges for Financial Executives, which includes discussion of the possible convergence of US GAAP with IFRS.
An extract follows:
Global Convergence of U.S. GAAP and IFRS
Though the timeline for convergence projects has slowed, companies are monitoring efforts of the Financial Accounting Standards Board and International Accounting Standards Board. All are waiting for the U.S. Securities and Exchange Commission's next steps on whether or not it will permit International Financial Reporting Standards for U.S. publicly-held companies...
The boards have a lot on their plates as they redeliberate comments from various 2010 EDs on key projects. Companies will consider how converged final standards are in 2011, especially in such areas as financial instruments. Another factor will be on transition and effective dates on key standards, which will determine how soon companies have to be prepared to report under the new standards – a challenge for companies.
Click for FEI CEO's 2011 Top Challenges for Financial Executives (link to FEI website).