On 7 July 2011 the US Securities and Exchange Commission, the US financial regulatory body, held a roundtable discussion on International Financial Reporting Standards to allow investors, small public companies and regulators to provide feedback on whether, and how, the US should incorporate IFRS into its financial reporting system.

Mary Schapiro, chairman of the SEC, stressed the need for an IFRS transition plan to protect the reporting needs of investors and financial statement users, to address conversion costs and to ensure that the plan is reasonable and realistic.