A quid pro quo for IFRS adoption?

The big issue right now in the accounting world is International Financial Reporting Standards (IFRS). There's a whole lot of anxiety about when companies will have to comply. One idea that cfo.com mentions is a moratorium on new accounting rules, to give companies a fighting chance of implementing IFRS in good form. The changeover will be massive--a fact not lost on the rule makers (we hope)--and will affect just about all touch points in the reporting cycle, including Sarbanes-Oxley to some degree. Systems and processes and controls will have to be tweaked. Costs will rise. Most assume that the change will require two sets of books for a few years. One issue is whether this moratorium will hold for small company 404(b) compliance. It would mark yet another delay, but would certainly make IFRS adoption more palatable to nonaccelerated filers. We'll see if the idea has legs.  

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

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