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February 2, 2023

Hans Hoogervorst Creates Unrealistic Expectations For IFRS In the US

If I didn't know any better, I'd think this story was from 2008.

The head of the International Accounting Standards Board said Tuesday it is "very important" for the U.S. to embrace global accounting rules and said he believes a key regulator would soon take a position on whether to adopt them for American companies.

Hans Hoogervorst said he believes the Securities and Exchange Commission will likely embrace global standards known as International Financial Reporting Standards, or IFRS.

"Now we are hearing it's a matter of weeks if not days," he said, speaking at The Wall Street Journal's CFO Network conference in Washington. "We need the U.S. on board to be a truly global standard and what I would really appreciate is to have the expertise of the SEC on board as well."

Oh my gosh! Days! Did you hear that people? Never mind that we have been getting this runaround for years. DAYS, PEOPLE.

Hans seems to feel that if you're against principles-based accounting standards, you must be some kind of criminal trying to rip people off. He told the CFO Network conference that in his previous job as a securities regulator, the companies that truly hated principles-based rules were the ones out to deceive investors. "They wanted precise rules so that they could go around them," he said. "So I'm very much in favor of principles-based accounting." Wow, desperate much?

It's beginning to look like the story of the always a bridesmaid never a bride who has been holding out for a ring since 1995. She won't give up on her dude and he's not ready to bail because neither of them can do any better but let's just stop playing around and admit one side will never be ready to commit.

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