that it would be expensive for companies to move to compliance with IFRS; that the IASB had reliance on funding from large accounting firms which might jeopardise its actual or perceived independence; that the process of convergence of IFRS with US GAAP had not made progress in some areas; that the valuation of inventory under Last In First Out (LIFO) remains common in the United States, where it has some tax advantages, but would be prohibited under IFRS; that IFRS is not comprehensive in its coverage.
that it would be expensive for companies to move to compliance with ifrs; that the iasb had reliance on funding from large accounting firms which might jeopardise its actual or perceived independence; that the process of convergence of ifrs with us gaap had not made progress in some areas; that the valuation of inventory under last in first out (lifo) remains common in the united states where it has some tax advantages but would be prohibited under ifrs; that ifrs is not comprehensive in its coverage