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July 26, 2012

Comments

James Ulvog

I recall the old advice about ignoring everything a person says prior to putting “but…” into the conversation. The formula is “I think you have a great idea, but here is why it won’t work.” That means the speaker really thinks you have a lousy idea.

I see the same formula above. Many people think a single, world-wide, high-quality, no-exceptions-allowed global set of standards that applies to all cultures, economies, and industries would be a wonderful, fantastic thing. *But*, many of those people see a long list of problems, obstacles, and serious side effects.

Even the staff report has that feel. Convergence is a great idea it says. Then the report lists page after page after page of comments that are essentially arguments against convergence.

Florida

As a CFA member I voted for a single set of high-quality global accounting standards, with my focus on high-quality. I didn't assume this to be IFRS simply because of the "I".

I would prefer that the US diverge from IFRS and create the high-quality standards investors want. If the US could do this then audited US GAAP figures might trade at a premium due to reduced uncertainty leading to reduced discount rates. If this were to happen surely US GAAP would receive global consideration again.

Plovdiv

Single, world-wide, high-quality accounting standards – it look like fantastic dream. The reality is that it can’t be achieved soon.

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