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SEC Releases Update on IFRS Plan


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.

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