Plans to converge IFRS and US
GAAP have hit the barriers, putting the whole project in jeopardy,
says Andrew Davies
The Securities and Exchange Commission has published its final
report examining if and how IFRS could be applied in the US. The six
key areas identified in the SEC’s 2010 Work Plan are covered,
including the development and application of IFRS for the US domestic
reporting system; the independence of standard setting for the benefit
of investors; and the regulatory environment.
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