Those Damn Indians are Beating Us with the Financial Reporting
The longer the SEC keeps quiet on IFRS, the larger the gap (GAAP? ha... um no) dividing the United States and the rest of the world. I am adamantly opposed to globalization but can't deny the fact that lagging behind will only serve to screw us (more) in the end. We don't want that, do we?
We have to suck it up and admit that we dropped the monetary WMDs. No longer can we flaunt our accounting standards as superior on the global stage. We screwed that one up and the sooner we can get this over with, the better it will be for all concerned parties.
There is an appropriate time for protectionism and this may not be it. In fact, we should consider ourselves fortunate that they're even letting us adopt IFRS. If I were the rest of the world, I might tell us to fuck off and take our exotic financial instruments with us.
Anyway. India. Hot on our asses and ready with the IFRS:
With the April 1, 2011, deadline for implementation of International Financial Reporting Standards (IFRS) getting closer, efforts are being stepped up in India to meet the deadline.
"Indian accounting professionals are facing a challenging time with the deadline to IFRS transition. There is much debate and apprehension regarding issues like the benefits and challenges involved in switching over to IFRS," Association of Chartered Certified Accountants' Financial Reporting Officer Aziz Tayyebi said here today.
Tayyebi said the Indian government should adopt the IFRS and meet the deadline. He welcomed the formation of a core group by the Ministry of Corporate Affairs for deliberating upon the conversion of India's accounting standards to the IFRS.
The core group, comprising representatives from Sebi, ICAI, RBI, IRDA and banks are preparing the roadmap for the convergence of Indian accounting standards with the IFRS by April 1, 2011. "The implementation of IFRS would help Indian companies to speak the same accounting language as their foreign counterparts in countries like the UK, Canada, Singapore and Australia," Get Thought Guides' CEO Vandana Saxena Poria said.
"The use of IFRS as a universal financial reporting language is gaining momentum across the globe and India should meet the deadline," she said.
Meanwhile all we have is the SEC's Chief Accountant saying we better hurry up and the AICPA ready to pull the trigger on IFRS on the CPA exam. Pardon my lack of enthusiasm but that's bullshit.
Wasn't there a time when America was the trailblazer instead of the one limping behind India?
New normal I guess. YeeHAW.