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IFRS: The quest for a global language
Published by KPMG June 2007 U.K
"The aftermath of the first year of implementation of International Financial Reporting Standards has confirmed that what has happened is a 'once-in-a-generation' transformation of the business landscape.
"Company reports are at once more complex but more comparable. The number of countries embracing the use of IFRS has produced a global tipping point in favour of the system. The accounting walls are coming down all around the world. The old provision that companies from elsewhere round the world wishing to list on US stock exchanges had to reconcile their figures to the US GAAP system looks to be on the way out. The once impregnable system of US GAAP no longer looks quite so secure. Even the US regulator, the Securities and Exchange Commission, is talking of the possibilities of US companies using IFRS, if they so wish, in the foreseeable future."
Robert Bruce, Leading commentator on accounting and financial reporting issues
This report focuses on the experiences and thoughts of those involved in this historic transformation. The views expressed in this report have come from CFOs, audit committee chairs, regulators, standard setters, analysts and auditors, Their comments reveal the depth of change experienced, and focus on the scale of the transformation, the perils of complexity in financial reporting, the future importance of narrative reporting, the debates over principles-based or rules-based standards and the issue of fair value, and the electronic future of financial reporting and XBRL. Finally, they share their thoughts on what future priorities should be.
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