IFRS Road map - EY comments

Aug 29, Statement by Jim Turley CEO of Ernst & Young.

With the world converging to the IFRS, E&Y (BIG4) issued a press release on the firms strategy towards moving and creating bandwidth for IFRS.

Excerpts of the statements are below;
"Today the U.S. Securities and Exchange Commission took its most significant step toward the adoption of a single set of high quality global accounting and financial reporting standards that everyone can use. The dominant language of financial reporting worldwide is fast becoming IFRS and we applaud the Commission for approving for public comment a proposed "Roadmap." Notwithstanding the strength and size of the U.S. capital market, we cannot afford to be left behind.
In today's connected global economy, it's vital we all speak the same "language." More than 100 countries require, permit or base their standards on IFRS and the number is increasing. Disparate accounting standards benefit no one. A common set of high quality standards provides a foundation for capital market activity that promotes investment and strengthens economies. A change to a common global accounting language will also benefit investors and market efficiency by increasing the transparency and comparability of information.
While there will be many challenges associated with conversion to IFRS, a U.S. shift to the global standard will provide continuous benefit. With respect to this matter, we believe that with today's action by the SEC, the U.S. -- like the rest of the world -- is on the right path. "

The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world, the impact of which stretches far beyond accounting to affect every key decision you make, not just how you report it.
Now with the world community moving towards a single GAAP. We will be seeing a lot more matured and sound accounting practices coming to the fore. This single biggest benefit which i see is that we will have a whole pool of talented accountants converging and deliberating on a single GAAP. This is substance over form right.