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.

Canada to switch to IFRS by 2011

According to Reuters, public Canadian companies are slow to adapt the new IFRS accounting system. With over 100 companies adopting IFRS, the slow implementation of IFRS could leave some companies rushing to convert to the system before official deadline switch of January 1, 2011.

Yet the study, conducted by CFERF, FEI Canada, and sponsored by PricewaterhouseCoopers, showed that 12 percent of the 147 public companies surveyed had not yet taken the first step of starting their initial diagnostic assessments.

About 80 percent of public companies remained short of the halfway mark in their overall conversion process.

Read the full story here.