Two rules relating to valuation of derivatives and asset securitization may pose formidable challenges to banks making the switch from U.S. GAAP to IFRS.
One last word… While the change to IFRS will take some time, banks should not delay their conversion efforts. The expected move to a new standard will come with a provision for at least a one-year retroactive restatement. So if U.S. reporting firms are required to present their books under IFRS by a specific year, they'll also have to show the prior year's accounts under the same standard. Bottom line, make your move to IFRS sooner rather than later.