Just read an interesting article regarding the adoption of the new International Accounting Standards yesterday, and the implications of converting all US businesses over.

This is going to be a conversion worthy of comparison to the Y2K efforts and costs, and might be overly costly to small businesses.

I see the benefits regarding foreign trade, but I can understand the small business owner's reticence as well.

The US uses some accounting methods that no other countries in the world use. About time they got on board!

Ahhhh - like the switch to the Metric System? That worked really well!

lets get good and working banking regulations worldwide first!!!

How are they going to get the older CPA's and tax preparers on board and educated? And from what I understand they are not teaching this in college, so the young guys won't be any more competant. What a nightmare.

Do you have the article, MB?

I'd be interested in what they are changing. If I had to make an educated guess, I'd say the LIFO inventory method is one thing and probably merger and acq stuff might be another.

Mr. West,
I was disappointed in the article as it focused on the effects of the potential change instead of detailing what, exactly, was changing, and to what extent the US standards and Internation standards differed.

I actually plan on looking into that more.

I just found this:

http://www.ey.com/Global/assets.nsf/US/Assurance_US_GAAP_v_IFRS/$file/us_gaap_v_ifrs.pdf

It's issued by E&Y. Each accounting item as a 'significant difference' section (between GAPP and IFRS, that is), then a 'convergence' section. I think it might be exactly what you want.

gracias