The “IFRS is coming, IFRS is coming!” chorus has quieted a bit amidst all of the uncertainty surrounding the economic crisis, the new SEC leadership, and the future of the U.S. regulatory system.

Fortunately, a new, more constructive mantra has appeared: “IFRS case studies are coming, IFRS case studies are coming!” This case study details United Technologies’ approach to, and insights on, the conversion.

Matthew Birney is a manager in the manufacturing conglomerate’s financial reporting department responsible for International Financial Reporting Standards. He says that there are positives (access to a wider talent pool) and minuses (IFRS is more open to interpretation than GAAP) to the pending move.

I’m familiar with the interpretation challenges (and believe that industry standards will emerge fairly quickly to ensure that investors can make apples-to-apples comparisons); the point on talent benefits is new and interesting.

More insights will come as more U.S.-based companies move ahead with their conversion thinking and efforts.

The large accounting firms (those with the most SEC registrants) will be a good source for IFRS information; not only do they possess the expertise, but also they have a potentially huge financial stake in the conversion, as IFRS compliance will likely prove complex, time-consuming, and profitable (or costly, depending on where you sit). ###