Rethinking the path to global accounting standards: Removing the uncertainty from transition

April 2009
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Point of view: Rethinking the path to global accounting standards: Removing the uncertainty from transition

At a glance

The current economic crisis has led many U.S. businesses to question whether transitioning to IFRS is still the right move. PwC makes the case forgoing ahead with a single set of high-quality global accounting standards.

Highlights

  • Resolving current regulatory challenges and restoring confidence in capital markets should be the immediate priorities of the SEC and other market regulators.
  • Adopting a single set of high-quality global accounting standards is in the best interest of investors, issuers, and regulators. IFRS is the only viable solution.
  • Once the independence and funding of the global standard setter are secured, a mandatory IFRS adoption date should
    be established.
  • A mandatory adoption date will eliminate much of the uncertainty hindering an efficient transition.