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CFOs: We’ll Adopt IFRS Just as Soon as You Finish Your Little Convergence Exercise

Actually it’s about half of CFOs with that attitude, according to Grant Thornton’s latest survey. They’re ballparking it around 5-7 years while nearly a quarter of the responders think we need to get on this ASAP.

Stephen Chipman, is keeping the faith even though, people aren’t as enthusiastic as he:

“While there is movement toward greater acceptance of International Financial Reporting Standards based on our previous surveys, it is clear that there is still much work to be done in educating the U.S. financial community on the benefits of IFRS,” said Grant Thornton LLP CEO Stephen Chipman.

“We have been, and continue to be, staunch supporters of the ongoing movement toward one set of high-quality, globally accepted accounting standards. As dynamic businesses continue to expand their international footprint, it is increasingly sub-optimal to be using different reporting standards, which sometimes increase costs while decreasing comparability. Just as international business has benefited over the last 30-odd years from the increased shared use of English, so too will global companies reap the benefits of one financial reporting language.”

Apparently Sponsors of the Louisiana Fair Tax Act Think You’re Stupid

They want to replace a mildly progressive tax with a decidedly regressive tax and make the argument about fairness? You can have an articulate argument about whether income taxes deter economic development. You can have an argument about whether such taxes lead to out migration of people and firms. Heck you can have a philosophical argument about whether society should be able to tax the fruit of your labor (or your trust fund). But you cannot argue with a straight face that replacing an income tax with a broad based sales tax (one that taxes necessities) is fair. That insults people’s intelligence. [David Brunori]