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No IFRS in US for at least five years, AICPA leader says

The leader of the American Institute of CPAs recently suggested that IFRS woul

Shortly after the announcement was made that India would be adopting International Financial Reporting Standards beginning in 2013, Gregory Anton, chairman of the board of directors at the American Institute of CPAs, laid out his own expectation of the timeline for U.S. adoption of the standards.

According to Accountancy Age, Anton told those gathered at a recent AICPA meeting in Orlando, Florida, that IFRS adoption in the United States would not occur for another five years at the soonest. Furthermore, Anton suggested that there would likely be no real movement one way or the other on the issue until after the presidential elections this November. He did, however, reaffirm his assertion that U.S. companies should have the option to use IFRS, and reiterated AICPA's stance that one set of unifying standards would be a boon to business.

Speaking about IFRS adoption in India, Shamila Jayasekara said the standards are vital for financial management, according to Sri Lankan news source The Daily News. Jayasekara is a partner with the firm KPMG, and recently hosted a seminar entitled "Tax issues on adoption of IFRS" at the Tax Seminar 2012.