Most U.S. companies are still playing the waiting game when it comes to IFRS implementation. While the biggest multinational companies have already had to comply in some countries, other companies are looking to the SEC to come up with a definitive time table.

A decision of some sort is expected this year, though the SEC has a lot on its plate right now. It would not surprise me if the delay were extended a bit. The problem is that as we wait, more issues seem to crop up. The latest development: The New York State Society of Certified Public Accountants has weighed in on the  issue once again and upped the pressure on the SEC, reports cfo.com.

The accountants group, in a letter sent last month, says the SEC still has not adequately thought through the many differences between GAAP and IFRS. The group would like a detailed reconciliation before the IFRS transition occurs. The sticking point between the principles-based IFRS and more rules-based GAAP comes down to the judgments that are allowable under the former but not the latter.

Interestingly, this would seem to play to proponents of the "condorsement" approach to implementation, as it requires an up-front comparison of the two standards. At this point, it's hard to see a complete harmonization of the two. The most we may be able to hope for is a condorsement that builds in appropriate exceptions and carve-outs.  But if the accepted differences are too great, then we would end up with a "global" accounting standard in name only.

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

Related articles:
Small companies weigh in on IFRS move  
Big investors weigh in on IFRS and FASB, as "condorsement" gains traction  
SEC offers new potential path to IFRS