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May 09, 2011

Comments

Neal Hannon

Tom,

At a recent conference, XBRL was talked about as the child caught between two divorcing parents. The SEC said they will not accept financial statements prepared according to IFRS in the XBRL format until the IFRS taxonomies are significantly improved. The informal buzz was that will take at least another three years to accomplish putting another reason to delay IFRS on the table.

Ethics Sage

Tom,

I understand the SEC is still trying to decide whether Bernie Madoff was involved in a Ponzi scheme.

Accountant Town

First may I compliment your well thought out and written article, I have shared it with several of my colleagues that share the opinion.

In response to your post, this situation is certainly turning into quite a pickle. On 8/17/2011 the AICPA recently got involved in the whole conundrum by issuing a formal press release encouraging the SEC to allow U.S. Public Companies to Adopt IFRS. I suppose they are on the same page as we both are in changing the SEC's passive stance.

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