CFO.com (September Issue)
U.S. commitment to global accounting-standard convergence has been called into doubt. The final staff report of the Securities and Exchange Commission (SEC) ”expresses hesitation about merging international standards and U.S. GAAP.” The 137-page report, which has yet to be approved by the SEC, “made it clear that putting the IASB in the driver’s seat would be out of the question.” The report surprised some “financial reporting mavens who expected the SEC staff to move further toward convergence.” Instead, that goal is now “a little more remote.”
U.S. commitment to global accounting-standard convergence has been called into doubt. The final staff report of the Securities and Exchange Commission (SEC) ”expresses hesitation about merging international standards and U.S. GAAP.” The 137-page report, which has yet to be approved by the SEC, “made it clear that putting the IASB in the driver’s seat would be out of the question.” The report surprised some “financial reporting mavens who expected the SEC staff to move further toward convergence.” Instead, that goal is now “a little more remote.”
Tags: Accounting, Convergence, IASB, IFRS, SEC, U.S., U.S. GAAP
