A staff report from the U.S. Securities and Exchange Commission on international financial reporting standards (IFRS) released on Friday warns that full-on adoption of the standards would require considerable resources and says a gradual transition has more support in the United States.
The staff report, 2½ years in the making, points to various IFRS flaws, including industries for which international standards are “underdeveloped,” according to the Journal of Accountancy. But it does not provide a recommendation on the SEC's decision or offer a timetable for that decision.
According to the Wall Street Journal, the International Accounting Standards Board, which oversees IFRS, expressed “regret” that the SEC staff report didn't commit the U.S. more firmly to switching to IFRS.
The full Reuters story is here; also see stories from AccountingToday.com and Compliance Week.
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