Last week, I did a blog entry on how the plans for the US to adopt International Financial Reporting Standards (IFRS) had slammed into reverse. The market meltdown has created widespread opposition to the move.
Now CFO.com reports that an Accenture study to be released this week reveals that US number crunchers expect to pay more than their European counterparts in the conversion to global standards. They expect to pay 0.1% and 0.7% of annual revenue to move from US GAAP to the global rules, while the Europeans paid 0.05% of revenue. And many are expecting it to go higher. And many expect it to go higher.
Mind you, that's not too much and it's a one off in what will be an important move to building a global market. But as the piece points out, it could end up costing a lot more, echoing the experience of Sarbanes-Oxley when the costs of transition blew out more than anyone expected.
Just another sign that the US will be in no hurry to adopt global accounting standards. If it ever does.
no comment untill now