August 4, 2009 – International Accounting Standards Board chairman Sir David Tweedie said that other countries are running out of patience waiting for the Securities and Exchange Commission to decide on whether to approve a roadmap for transitioning to International Financial Reporting Standards and that the U.S. would need to commit by 2011.
(Really, what did you expect from the US? They still measure in gallons and miles.)
From my perspective, take all the time you need.
Too many resources and cycles are being spent on this IFRS conversion. Businesses should be spending their time more productively like building proactive holistic risk management capabilities. Unfortunately, IFRS has better marketing than the ERM community and so, CFOs are doing the accounting equivalent of replacing all their DVDs with Blu-Ray.