SEC's Last Say On IFRS Work Plan: They're Not Saying: For the last five years, the SEC has toiled away on the issue of whether or not the United States is ready for the widespread use of International Financial Reporting Standards (IFRS) - and vice-versa. The Commission expected to have a decision ready by 2011, and missed their self-imposed deadline. On Friday, July 13th, the Office of the Chief Accountant (OCA) released its hotly-anticipated "final report" on the work plan for consideration of IFRS in U.S. financial reporting.
It’s not what many observers expected: a recommendation as to whether or not IFRS should be an integral part of U.S. capital markets. That was never what the "final report" was supposed to be, but many observers expected as much - perhaps because of the missed decision in 2011. Nevertheless, the final report positions the big issues that still need to be resolved before the Commission ever makes its determination. For that reason alone, it’s worth digging into the final report - and also to find clues as to just where the whole process may be going.
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