Many outside the U.S. would rather American companies and auditors stick to their own accounting standards, says a panel of experts.
The idea of forcing American companies to file results using international financial reporting standards makes preparers and auditors in other countries edgy. "The world is very nervous about a U.S. move to IFRS because they are afraid [the standards] will turn into 25,000 pages of rules," asserted Richard Fuchs, a partner with PricewaterhouseCoopers, during a panel discussion Tuesday. Today, U.S. generally accepted accounting standards runs about 25,000 pages, while IFRS comprises about 2,000.
"They think the U.S. response [to accounting problems] will be more guidance and more specificity. They fear the future because of what happened to U.S. GAAP ... there will be tremendous resistance to the U.S. coming in and screwing up [existing standards]," continued Fuchs, who was a panelist at a conference sponsored by Pace University's Lubin School of Business.
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