In some way, shape or form, IFRS will be reality. We just don't know when. The SEC has it hands full with a range of Dodd-Frank issues, and transitioning U.S. companies to the new international standard seems to have fallen to the side burners, after a lot of momentum had built up in previous years. As companies wait to see if the SEC moves ahead aggressively--it has said it would like to clear the air this year at some point--the issue still ignites passions.

The WSJ takes a look at the large company-small company divide on this issue. Big multinational corporations that operate in many countries have already moved in significant ways to embrace the standard. They wholeheartedly support the move to IFRS as it created more uniformity and consistency and can reduce costs. Smaller companies that operate mainly in the U.S. do not enjoy such benefits. They're more sensitive to the added costs of conversion.

One small company exec told the paper: "I'm not only the CFO, but I'm also the 'OFO': The only financial officer." Is it time for some new thinking on this. We've noted previously that the SEC has generated lots of discussion around the "condorsement" approach as a sort of compromise. Under this approach, GAAP would be maintained but it would be adapted over time to conform to IFRS. The result being that conformance with GAAP would result in de facto conformance with IFRS. The SEC seems to be giving this idea a lot more weight now.

For more:

- here's the article

Related articles:
SEC offers new potential path to IFRS  
IFRS filers to face XBRL delays