Perspectives : Does IFRS Stand for Information Risk?

In the wake of the recent financial crises, corporations, accounting firms, and regulatory bodies are debating the design of new regulations to improve the integrity of publicly available financial information. Contrary to the positions of the FASB and IASB, the convergence of current U.S. GAAP rules-based standards with proposed IFRS principles-based regulations would increase financial information risk. The veneer of similarity is not enough to ensure comparability of reported financial information across the globe