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Panel Says SEC Needs to Mandate Adoption of IFRS as Soon as Possible
by BNA Daily Report for Executives (Subscription required for full article)
May 18, 2009
BNA reports on a May 15 Standard & Poor’s conference on international financial reporting standards (IFRS). Cindy Fornelli, Executive Director of the CAQ, participated in the panel discussing opportunities and challenges of IFRS.
According to BNA, “Fornelli said the United States has an economy that is ‘becoming more global—and I think in times of crisis we've seen that crisis reverberating throughout the globe.’ She said retreating from adopting IFRS would be a setback to the U.S. capital markets since it would hurt the nation's ability to compete globally. “I think there's real potential downfalls and huge ramifications for many years to come [from such a move],” Fornelli said.
