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Although there are still uncertainties about the effects of International Financial Reporting Standards (IFRS) on US companies, the path ahead is becoming clearer, thanks to a ground-breaking report released recently by the SEC staff. Entitled “Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers,” this report marks a major milestone is the history of US accounting. It represents the culmination of a multi-year effort by the members of the SEC’s Office of the Chief Accountant to sort through the unprecedented complexities of global accounting standards, and its insights reflect the dedication and hard work of an outstanding team of experts. In addition to zeroing in on the practical issues and concerns identified to date, the report presents sensible ways to mitigate the risks.
These findings will help determine whether, when and how the SEC will require the use of a financial reporting system that incorporates IFRS. This Messenger highlights the key findings, along with the steps that companies can take now.