I'll be presenting a paper on Country by Country reporting to a British Accounting Association conference tomorrow.
The good news is that this whole standard is premised on the idea that IFRS have universal reach and as such can be used as the basis for creating a geographic basis for reporting corporate risk and performance which fills gaps in the current reporting regime identified more than 30 years ago, and which neither historic cost accounting or fair value accounting address.
And now the FT has reported that:
US companies are set to switch to international accounting rules in a move that will, for the first time, see all the world's most important listed groups reporting according to the same set of standards.
The US Securities and Exchange Commission on Wednesday proposed a "roadmap" to manage the migration of US companies from its rules to the international ones. The plans are open to comment for 60 days.
Another essential milestone to the adoption of country-by-country reporting has been put in place.