The SEC has been tardy with its accounting roadmap for international standards, leaving some to wonder if the project has gone off course.
The road to creating a single set of global accounting standards could be about to hit a detour.
An educational conference on international financial reporting standards, held in New York City last week, was so jammed with attendees that its organizer, the Foundation for Accounting Education, had to bring in extra rows of tables to accommodate the standing-room-only set. Despite intense interest in the details of IFRS, though, a central concern was whether the financial crisis may be stalling the Securities and Exchange Commission's much-touted convergence plans.
"It's a fair question," Tom Omberg, a partner at Deloitte & Touche, told an IFRS skeptic in the audience who was concerned about the costs of switching to a new accounting standard.
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