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June 14, 2008

Calls increase for timeline for US IFRS adoption

The world’s largest professional accountancy body and the chief executive of Deloitte Global have added their voices to the call for a timeline for the introduction of IFRS in the US.

Barry Melancon, president and chief executive of the American Institute of Certified Public Accountants (AICPA), told a forum of accounting and finance authorities that there needs to be a clear-cut schedule for the US profession to adopt IFRS. “Awareness is growing among US accountants that IFRS is coming for public companies and most believe it will take three to five years to get ready,” Melancon said.

Deloitte Global chief executive Jim Quigley has also urged the US Securities and Exchange Commission (SEC) to set a time frame for the transition towards IFRS in the US in order to allow the market time to prepare for the radical shift. Quigley expressed his views to the International Accounting Bulletin as Deloitte’s US firm released research that indicates companies are warming towards adopting the global standards.

“I believe the pattern that has been followed in other capital markets is a pattern that has enabled the smooth and non-disruptive transition from one set of standards to another,” he said. “That pattern has been declaring a certain date when all registrants would be required to file in accordance with those new standards and having a very clear roadmap to arrive at that destination.”

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