IFRS Fanboy to World: Global Adoption of IFRS Is Inevitable

Posted on by Adrienne Gonzalez

"The quality of financial information produced by IFRS is very high, thanks to the work of the IASB, but also to the convergence project with the United States. And a decade of use by both advanced and developing economies has shown that our mission of a s ingle set of high global accounting standards is desirable, achievable and in my view, inevitable." [IASB's Ian Mackintosh, The Maturing of IFRS]

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Retired IASB Member Calls IFRS Compliance “A Must” for G20 Nations

Now, let’s keep in mind he said this at an “IFRS and Emerging Market” meeting in Lagos, and meant it in regards to African companies.


Retired IASB board member Bob Garnett said for any country seeking membership of G20, becoming IFRS compliant is a must. He also said African companies will need to work together in regional groups to have more weight as they will not gain necessary influence on their own because they do not have the IFRS track record yet.

The pre-workshop meeting at which Garnett made these comments was organized by Ernst and Young (“a leading voice in IFRS converstion,” according to Nigerian publication The Nation).

Remember it was only days ago that the IASB’s fearless fish-loving leader Hans Hoogervorst was in Boston assuring U.S. regulators they’d have a say in IFRS rules if they’d just hurry up and adopt already. No mention was made about kicking us out of G20 if we don’t embrace IFRS fully and soon.

Anyone else smelling the distinct aroma of desperation?

Also last week at the Boston conference, AICPA CEO Barry Melancon said the SEC should allow U.S. companies to use IFRS if they want “to level the playing field with their international competitors.”

IFRS cheerleading sessions are taking place all around the world at this point, and it’s only a matter of time before the SEC will finally be forced to commit to a plan and adopt. Or else?