One of the best comments I've heard in my research during the past month was University of Tennessee Professor Joe Carcello's point that a move by U.S. companies from GAAP to IFRS "could be the most far-reaching change in financial reporting in our lifetime." It would, said Carcello, a long-time finance and accounting influencer who also serves on the PCAOB's standing advisory group, "make 404 look like a day at the beach." Another source I spoke to recently said that accounting firms are no doubt licking their chops at the revenue that might come their way because IFRS skills are in such short supply in most, if not all, U.S. finance and accounting functions.

With the SEC widely expected to require a move to IFRS by some point in the relatively near future -- 2013 is a commonly mentioned deadline -- it makes sense to at least start thinking about boning up on the new principles-based standards. KPMG recently established its IFRS Institute "to help foster smooth adoption of IFRS in the United States." A press release says the institute will seek do to so by "raising awareness and address the information needs of companies, investors, academics and others who may be affected by a transition by U.S. companies to IFRS." On first glance, the site, www.kpmgifrsinstitute.com [2], looks like it is a fine starting point.