CFO.com's Sarah Johnson reported on the SEC's first roundtable held last week to explore the possibility of giving US companies the option of switching to International Financial Reporting Standards.

The thinking of the multinationals at the table? It was done in Europe in three years; it could be done here in three years. That's a "can-do" kind of spirit not often seen when it comes to financial reporting requirements. It's usually "can't do:" can't apply 157 in time, can't be ready for Section 404 audits, can't change computer systems to accommodate - (insert your favorite standard number here).

There's more benefit to firms in making a switch from US GAAP to IFRS than accrues to them from other reporting-type changes, so the can-do spirit is explainable. They might already be reporting chunks of their operations in IFRS and it would naturally be easier to get the whole thing on one footing.

They also might perceive IFRS as being more simple to apply because it contains less details to which they must conform - for now, at least. That may change as more companies road-test those standards.

Is it the straight-line path that many observers think it will be? Of course not. There are plenty of obstacles: the US reporting system is probably richer and more complex that the ones IFRS replaced in Europe, and adapting IFRS to that will be more difficult. There is a bank-regulation system that's based on US GAAP and auditing standards based on GAAP as well. And for years, there's been hand-wringing over a shortage of trained accountants; that's "trained" as in trained in US GAAP. There are even fewer accountants in the US experienced in IFRS.

The SEC seems hell-bent on making the choice happen. It's going to be quite a ride.