A good thing: Audit convergence taking a back seat?

One big question that looms large for 2010 is whether we will truly make the transition to the International Financial Reporting Standard, or IFRS. We've been talking about this for a long time, and at times, it has seemed fait accompli. It still does frankly, but some clarity on when would be welcome.

The latest: The SEC will "consider further action" on IFRS adoption early in 2010. The convergence of IFRA with U.S. GAAP will of course have some huge system and other implications. Many companies, especially large multinationals, are preparing, but others are essentially waiting and seeing.

The movement toward a global standard has been hindered by the credit crisis, which exposed what some say are weaknesses in the U.S. system. Indeed, a recent CFA poll has found that "while respondents generally support convergence, only 6 per cent of those surveyed, including research analysts, portfolio managers, corporate financial analysts and accountants, believe converging the International Accounting Standards Board and its U.S. rival should be the primary objective," according to the Financial Times.

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