U.S. far from adopting global accounting standard

Why are auditors in Canada so keen on the idea?

The United States is not exactly known for bowing to peer pressure from the rest of the world, even when it means they must go it alone.

So when looking to a very similar situation like adopting a global accounting standard, it might be wise to take rumours of the United States falling quickly into line with a grain of salt.

This is not to say that there isn't a certain amount of U. S. interest in International Financial Reporting Standards (IFRS), especially from auditors, and also some companies and a few regulators. But such interest needs to be put into proper perspective.

For example, United Technologies is a member of the Dow 30 and operates in more than 200 countries. U. S. adoption of IFRS would allow the company to make certain acquisitions more easily, and would lower compliance costs, since many of its subsidiaries already file in IFRS or will need to eventually.

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