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
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.