February 28, 2009
As the CFO of a an entity that has annual revenue of $500 million and an active investor, I have great concerns about the proposed conversion to IFRS. The SEC plans to allow the adotion of IFRS for certain entities while looking at the independence of the standard setting body (IASB). I would hope that independence would be a prerequisite for any such consideration, and would be be ascertained well prior to this move. I am especially concerned because the IASB recently demonstrated that they are subject to and will yield to political pressure as they yielded to politicians and banks on fair value reporting standards. Let's not rush into this.