The end of US GAAP?

As reported in the Wall Street Journal today, the SEC is proposing to pull the plug on US Generally Accepted Accounting Principles (GAAP) and move to the International Financial Reporting Standards(IFRS) which is used in many countries around there world already, notably in Europe. A few weeks ago I blogged about this change that's been brewing for some time and plugged the IFRS Oracle Mix group, the power of my blog increased membership by over 65%. Yes, there are now 5 members up from from 3. Why am I surprised people are not excited about accounting standards?

If you're sitting around wondering if Oracle is going to release an IFRS patch, that won't be necessary, Release 12 has all the tools you will need and Oracle has a White Paper explaining what tools it has to get you ready for IFRS, which I recommend as a good starting point.

If you want more join the mix group, I'll post information there as I find it and the members though small in number are all top notch including Sanjit Anand who you may know from Oracle Apps Hub, one of the richest sources of information on Oracle Financials.