The Resistence to IFRS Evangelism

FB4 firms like "hot topics" which translates into, "potential ways for making boatloads of cash".

Sarbanes Oxley was a hot topic. Now it's part of the routine. The Firms Madoff made off with their boatloads and now that all clients are all SarbOx legit, they're saying, "We'd like to revisit our audit fee" or in the UK, "lower your bloody audit fees you greedy wankers".

The new moneymaker is IFRS conversion. The push to conform to international standards came courtesy of the crack squad of regulators at the SEC under Bush 43. The target date was 2011, which everyone should have known was a joke since it took 12 years to roll out IAS 39.

Before my trip to the gallows at KPMG, trainings on IFRS were getting more and more common. Partners were talking to their clients early and often about getting all over this IFRS convergence like stink on a monkey.

The word on the street is that partners are drooling over the thought of engagement teams billing 40 hour weekends to cope with the complexities of IFRS conversion.

But now there are some problems. The pesky FASB is saying it'll be 10-15 years before convergence will occur. The new gang at the SEC isn't pushing IFRS like its predecessors.

Plus, CFO's in the States aren't too keen on the idea of getting this pulled off in 2 years, they know that the FB4 are going to bleed them out for the convergence, and, oh, there's talk about a financial meltdown or something that's making things complicated.

Not to worry though, FB4 partners are a crafty bunch. There will no doubt be more scheming to be had. They don't really have a choice, as one of my friends put it, "partners will take a free lunch these days".

Herz: No Convergence for 10-15 Years [CFO]

CFOs on IFRS: Forget about It [CFO] Sphere: Related Content