Who says IFRS is a back-burner issue?

In February, new SEC Chair Mary Schapiro applied the brakes to the agency's “roadmap” that would lead to the widespread adoption of international financial reporting standards.

For seemingly everyone else, it's full steam ahead.

• The AICPA recently sent the SEC a letter detailing its comments about the move toward IFRS. While supporting the SEC's search for IFRS debate and feedback, the AICPA also emphasized that it “supports the goal of a single set of comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial statements across the world and believes that one common accounting language would benefit investors as well as issuers.”

• Many executives say the expected move to IFRS gives them the opportunity to make vast improvements in their finance departments, “particularly in performance management,” according to a recent Accenture study. “Consequently, (companies) said they will invest in technology, process improvements and finance workforce training associated with planning, budgeting and forecasting, management reporting and metrics, and statutory reporting.”

• A recent case study points to lots of pros (a world full of experts who can aid in the transition, for instance), a few cons (lots of room for varying opinions and, as a result, confusion) and questions about cost efficiency. “We're hoping to get a definite roadmap,” said Matthew Birney, manager in United Technology Corp.'s financial reporting department. “Otherwise, it's a little difficult to plan.”

• Mid-size CPA firms — particularly those that don't audit a lot of public companies — are looking for any IFRS guidance they can get. “Once the SEC supports IFRS, I don’t see U.S. GAAP remaining current,” said Stephen Bodine, a principal with LarsonAllen in Minneapolis. “Private companies will begin to use IFRS just to stay up to date with the standards.”

I realize the SEC has bigger fish to fry right now, but the companies that figure out IFRS now will have a definite leg up as we move toward a single, global set of reporting standards. And rest assured, that day is coming. Any guidance they can get from regulators undoubtedly will be welcome, but smart executives aren't waiting. They're trying to figure this stuff out now.

Someday, we'll all be working for them.