The International Accounting Standards Board (IASB) has announced they won’t be issuing any new standards or major amendments to existing standards with effective dates before January 1st, 2009, in order to give companies reporting under the standards a bit of a breather to get their house in order.
Word around the accountant blogosphere has been tentatively in favour of the break. Maybe it’s my impetuous youth, but I’m not. Full speed ahead, as far as I’m concerned. If businesses are having trouble getting their accounting in line with new standards, then they need to hire someone to help them get it done. Business waits for no one, so why must accounting?