Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

We can finally bury IFRS convergadoption ™?

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I believe the answer is yes.

At least that is the conclusion I draw from an article by Michelle Quah at The Business Times: Full convergence on accounting standards no longer achievable: IASB

The paragraphs visible in front of the paywall report that Hans Hoogervorst, Chairman of the IASB, said full convergence with the U.S.

…is no longer an achievable project.

IASB moved forward with their IFRS 9 on financial instruments without any agreement with FASB. The boards are going their own ways.

In the meantime, each country around the world can continue to pick and choose which parts of IFRS it wishes to follow.

I hope that finally makes convergadoption ™ a dead deal. Oh, by the way, if that phrase hasn’t been trademarked by Adrienne Gonzalez, of Going Concern fame, she ought to get the paperwork filed. (Um…several naughty words at the first link, which is where I first saw that term. Consider yourself warned.)

When’s the interment?

With the chairman of IASB pronouncing convergence dead, I can again say we should lay IFRS convergadoption to rest in a 6’ deep grave, lay a thick slab of concrete on top, and pave that entire section of the cemetery to turn it into a 10 acre basketball court where no one will ever know what horrid creature is buried there.

Where’s the party?

I think we should have a grand party after the burial. I suggest we meet at David Albrecht’s place. Sierra University’s beautiful new business school would be a great venue. Maybe Tom Selling, Jim Peterson, and Anthony Catanach can co-host.

Some things just deserve celebrating. Maybe before school starts?

Update:

Adrianne has three observations at Going Concern’s post, IASB Chairman to Take His Accounting Standards and Go Home If FASB Doesn’t Want to Play

First, why is he still wasting precious breath talking about this? It’s over, dude. It’s not going to happen. Get over it.

Second, if GAAP sucks so much, then why would the IASB want our input anyway? Maybe IFRS 9 was better off without our opinion on it.

Third, shut up.

Written by Jim Ulvog

August 1, 2014, 7:25 am at 7:25 am

Posted in Accounting

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