Aesop’s fable of the tortoise and the hare should be required reading for every CEO today. This fable of consistent, deliberate action beating a procrastinating but faster-moving opponent to the finish line could play out again as U.S.-based companies make the transition to International Financial Reporting Standards.
It’s a race we’ve already seen run, in the European Union (which made the switch in 2005) and in
Of course, the animals in the tale have one advantage over today’s CEOs: At least they know when the race will begin. With a new administration taking the reins in Washington, and with other financial concerns demanding the world’s attention, the momentum for adopting
Two events in late 2008 signal that, although the exact start of the race may be uncertain, the racers would do well to begin warming up: First, the
According to the
Not all companies begin their trips to
We have been working on this with a large multinational client for three years. For this company, understanding
We helped migrate their statutory accounting into existing regional centers to meet multiple reporting requirements— allowing the com pany to further improve its controls and achieve cost savings. At this stage, the company has enough
This client—and many others— recognizes that
Clearly, many companies may need every minute of the transition period to make the shift to
Barry Salzberg is chief executive officer of Deloitte LLP.