In February, the Securities and Exchange Commission laid out its position regarding global accounting standards, making it clear that the Commission continues to believe that a single set of high-quality globally accepted accounting standards would benefit U.S. investors.
At that time, the Commission directed its staff to execute a Work Plan, the results of which will aid the Commission in its evaluation of the impact that the use of International Financial Reporting Standards (IFRS) by U.S. companies would have on the U.S. securities market. Included in this Work Plan is consideration of IFRS, as it exists today and after the completion of various convergence projects currently underway between U.S. and international accounting standards-setters.
See full Press Release.
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