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In Some People’s Eyes This is the Accounting Equivalent of Burning the American Flag

Posted on February 4, 2013 by Caleb Newquist

We don't have an official headcount for this particular IFRS rally, but it's our understanding that at least one person's attendance was a complete coincidence.

I hope this doesn't affect a future FASB fellowship opportunity. 

Posted in IFRSTagged IFRS, NYSE, Rallies, Signs, things that will come back to haunt you, U.S. GAAP, U.S. GAAP v. IFRS

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Previous: Accounting News Roundup: Accountants Have a Difference of Opinion with MPs; Caterpillar’s Bad Goodwill; Illinois Pol Proposes Sneaker Tax | 02.04.13
Next: Oregon Man’s Encounter with IRS Agent Oddly Similar to the Plot of a Bad Porno Movie

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On the day of Sir David Tweedie’s retirement, no less.

The Journal reports:

Japan is considering postponing the mandatory introduction of global accounting standards for all listed companies beyond the original target date of 2015, amid strong opposition to the change from the country’s business community. Japan’s financial services minister, Shozaburo Jimi, said Thursday at a Business Accounting Council meeting, hosted by the Financial Services Agency, that making Japanese companies adopt the rule—known as the International Financial Reporting Standard—within a few years could be a big burden and costly for businesses. “If Japanese firms are required to move to IFRS, we will need enough time, five to seven years, for preparation,” Mr. Jimi said, adding that discussions over the matter will take time.

Japan May Delay Accounting Shift [WSJ]

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Did this Jeroen Hooijer character forget that he’s addressing a knight?

[Hooijer] said world leaders have extended the deadline for convergence from June to the end of this year and likened the IASB to a sports car driving at 160 kilometres an hour to the south of France. “We would like to slow down to 120. We don’t want to stop it. If you drive to the south of France and you only arrive half an hour later, the risk of an accident is 70 percent lower,” Hooijer said.

EU body tells accounting rule setter to slow down [Reuters]

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