More Delays on SEC’s Decision on Whether to Adopt IFRS
Those waiting for a decision by the Securities and Exchange Commission (SEC) on whether to adopt the International Financial Reporting Standards (IFRS) will have to wait at least a few more months. According to SEC Chief Accountant James Kroeker at an AICPA National Conference, the SEC will need at least a few more months to produce a final report that will enable the organization to make a determination on the adoption of IFRS.
Kroeker attributed the delays to mixed results on a number of convergence projects between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), including convergence on guidance on fair value, revenue recognition, leasing, financial instruments, and insurance for financial reporting purposes.
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