Adopting IFRS slowing

In an article recently at Reuters India, they look at how the current global economy is just one of the latest factors holding up the adoption of IFRS globally. Due to the credit crisis, many countries have seen the need to adopt a more consistent and transparent accounting system. However, with the US failing to provide a date as to when they'll be adopting the system. The G20 Finance ministers are meeting in London next month, which many hope will be the key to getting the adoptoin of IFRS on track. Read the full article here.

Current financial crisis not caused by change in accounting rules

According to the AP, The Financial Crisis Advisory Group has stated that changes in accounting rules did not cause the most recent credit crisis. They did state that there are weaknesses in the application rules that may reduce the credibility in the financial reporting. To see all of their current views, please read the article here.