Tuesday, May 12, 2009

IASB Attempting to Start a Hip Hop-esque Fued with the FASB

Hip hop feuds. What would our ubiquitous pop culture world be without them? Well, thank all that is good and holy that now the accounting world has its own version.

John Smith (who is obviously upset about being left out of the This American Life episode) is calling out the United States from way over in Europe, in his dorky bean counter version of a dis song:

"If it doesn't adopt," [Smith] warned, the United States "will be the outlier and those countries already adopting and committing themselves to IFRSs will not accept a situation where the United States remains outside the system indefinitely, yet has a seat at the table."

Whoa. This is striking similar rhetoric to the old East Coast-West Coast days if you ask me. It's clearly a verbal retaliation to Bob Herz's earlier statement, and Smith is bringing it HEAVY. Words like "outlier" and "will not accept a situation" are obviously not going to sit well with his FASB rivals.

It strikes me that the evangelicalism of IFRS is still alive over in the EU while Team America, FUCK YEAH! is not too welcoming of the accounting "good news".

As you were.

U.S. "Will Be The Outlier" Without IFRS [CFO] Sphere: Related Content

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