I find it absolutely fascinating that Cheerleader Cox is so enamored of IFRS. There can be no greater example of "regulatory capture" than having a regulator serve as an advocate for the preferences of those entities under his jurisdiction.

We are constantly told that American business will be at a distinct disadvantage if it doesn't join the rest of the world with IFRS, but where does administrative agency have the constitutional or statutory authority to require, under penalty of law, American citizens to comply with the dictates of an unaccountable transnational NGO.

It may allow the Big 4 to pursue their dream of closing the gap between employment and servitude and make closing easier for transnational giants, but how will an expensive transition serve the American citizens?

Beyond that, despite all of the nebulous claims of "robustness", I have yet to see anywhere where there's a side by side comparison of GAAP with IFRS, showing a clear case that IFRs has great economic verity, reliablility, relevance or any other attribute of an effective and efficient method of accounting.

"Everybody else is doing it" isn't a reason to require extraordinary transition costs and the a sacrifice of national sovereignty, its the pathetic excuse of wayward individual caught in "flagrante delicto".