PCAOB member slams IFRS

Well, not all regulators agree that the U.S. ought to move quickly to IFRS. Charles Niemeier, an outgoing member of the Public Company Accounting Oversight Board, said the move to IFRS could "squander comparability among U.S. financial statements and impede the ability of the regulators and auditors to do their jobs," reports AccountancyAge. He criticizes IFRS for several reasons: he believes it would be more difficult to enforce; he claims that GAAP is not as bad as people think; he thinks that Sarbanes-Oxley has really improved the U.S. system; and he's unhappy that IFRS is not more principles based. "What makes sense overseas may not make sense for us," he says. I'm not sure this presages a big controversy. Most firms still have awoken to the reality of the enormity of the change.

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