In the minds of many, the adoption of IFRS is fait accompli, a done deal. But not if the New York State Society of Certified Public Accountants has anything to do with it. The influential group has filed comment with the SEC, noting a broad range of complaints, according to CFO.com.

Recall the SEC is scheduled to vote on adoption in 2011, which would be phased in from 2012 to 2014. Chief among the criticisms: The independence of the IASB. The group noted that the IASB let companies retroactively reclassify assets so they could "cherry pick" ones with significant losses, essentially bowing to political pressure. The group also questions whether IFRS will facilitate real comparability given that the rules are applied differently from country to country. The group suggested that the FASB and IASB should pursue efforts to "converge" the American and international standards. 

For more:
- here's the CFO.com article

Related Articles:
Global accounting standards a pipe dream?
IFRS to hit LIFO companies
Audit committees in need of IFRS help?