Jim Quigley, the new global head of Deloitte Touche Tohmatsu, has said (according to the FT):
Convergence of global accounting standards is likely to be "years away" as the profession grapples with an unprecedented shortage of qualified personnel
Apparently:
If you want to take the largest capital market in the world [the US] and ask yourself: 'do we have the training and capability to get auditors up the learning curve to deal with the new set of accounting standards and the education system to produce those accountants?' - we need to think it through more deeply
Funny how these firms can do anything they want when there's cash at the end of the tunnel, but accounting is too tough for them when they don't like the result.
Get real Deloittes. Are you in this game and can you handle change, or not? If not, quit now.
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I think the Americans who are sceptical of IFRS need to acknowledge and accept the fact that due to the ‘difficult’ accounting norms prevailing in the USA, more capital was raised by foreign firms in Europe than in the USA in the year 2006. What then happens to the status if New York as the world’s financial capital?