http://www.ft.com/cms/s/0/93d5193c-746b-11dd-bc91-0000779fd18c.html?nclick_check=1 But why couldn’t they have done this before I did pension accounting in Level 2? Imbeciles.
I don’t have FT but for those who have the journal this is a pretty good article. http://online.wsj.com/article/SB121985665095476825.html I think it makes sense for the US companies to adopt IFRS eventually but FASB and IFRS should work together to combine some of their best practices/rules before everyone switches over.
There’s already a project working on “harmonisation”, and the article says: “In switching to IFRS, the SEC would in effect hand over authority for accounting rules to the International Accounting Standards Board, which is based in London. Concerns have been raised about the fact that the IASB is a private sector body that sets international law. This year, trustees of IASB have proposed it be overseen by a committee of regulators including the SEC, the European Commission and the UK’s Financial Services Authority.” So the SEC would still have some input in setting rules, along with your colonial overlords and our federal overlords.