Oh, Them? The FASB? Yeah, Don't Pay Any Attention to Them

In a move that, once again, shows that when the U.S. Government wants the FASB to just shut up and do what it's told, the Feds are asking for a single set of accounting standards by the end of 2009.

This after somebody the Chairman of the FASB stated via dis song that it would be 10-15 years until convergence would occur.

In a vaguely written article at Accountancy Age, a "white paper" states that "convergence of its Generally Accepted Accounting Principles with the International Financial Reporting Standards will help 'revive' the financial system in the US."

First of all, we'd love for someone to explain just exactly how one uniform set of accounting standards will act as as a defibrillator for the entire economy and second, yes, it's all about us, Team America getting revived, thankyouverymuch.

US wants progress on single set of standards [AccountancyAge] Sphere: Related Content

Accountants to Have a Meeting, Save the Global Economy

The International Federation of Accountants (IFAC) is holding a G20 accountancy snoozefest summit next month in order to determine how the accounting profession can aid in global economic recovery.

Does anyone else get the feeling that accountants have the idea implanted in their bald domes that they can just wave their mechanical pencils and save the entire universe?

“This will be a follow up to IFAC’s letter to three G20 working groups in March, in which we indicated our support of their recommendations to implement international standards, improve the international regulatory framework and strengthen the roles of the International Monetary Fund and the World Bank”, explained IFAC president Robert Bunting."

No offense, I'm sure these guys are regular Luca Pacioli's, but urging the convergence of international and U.S. accounting regulations so there is one uniform standard setting body so those pompous American wisenheimers don't get to say what's what anymore probably won't help the global economy at all.

Just sayin'.

IFAC board to hold G20 accountancy summit [AccountingWeb] Sphere: Related Content

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

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