IFRS Dead?

The conversion of U.S. corporate accounting from GAAP to International Financial Reporting Standards (IFRS) has been in process for several years. However, in a recent speech, former SEC chair Christopher Cox stated he had come to "bury IFRS, not praise them." Cox argued that the lack of progress in adoption of IFRS standards over the past six years has weakened enthusiasm for conversion to IFRS in the U.S. During Cox's last year as SEC chair, the process for converting U.S. financial standards to IFRS by 2014 was outlined. However, subsequent SEC chairs have not followed through on the conversion. IASB chair Hans Hoogervorst disagreed with Cox, arguing that the recent adoption of lease accounting changes is an indication that IASB and FASB standards are becoming more similar.