The SEC recently released a report detailing its progress in its consideration of incorporating international financial reporting standards into the financial reporting system for U.S. users.
The 44-page report details efforts in the six major areas the commission is weighing:
- Development of IFRS for the U.S. domestic reporting system
- Independence of standard setting
- Investor understanding and education regarding IFRS
- Examination of the U.S. regulatory environment that would be affected by a change in accounting standards
- The impact on issuers, such as changes to accounting systems and contractual arrangements
- Human capital readiness
For more information on the report, visit
The Journal of Accountancy.