SEC Staff Publishes Progress Report on Work Plan for Global Accounting Standards

by Sabrina I. Pacifici on November 1, 2010

News release: “The Securities and Exchange Commission’s Office of the Chief Accountant and Division of Corporation Finance today published their first progress report on the Work Plan related to global accounting standards. The Commission directed agency staff earlier this year to execute the Work Plan to provide the information needed to evaluate the implications of incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers. The Commission indicated that following successful completion of the Work Plan and the convergence projects of the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), it will be in a position in 2011 to determine whether to incorporate IFRS into the U.S. financial reporting system.”

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