SEC sparks IFRS debate again in U.S.
The debate over the conversion to International Financial Reporting Standards in the U.S. was reignited recently when the Securities and Exchange Commission said that it supports the goal of a single set of high-quality global accounting standards. The International Accounting Standards Board is responsible for IFRS, and its chairman, David Tweedie, points out that there should not be much difference between IFRS and U.S. GAAP by 2015, if the current convergence effort continues at the same rate. IFRS textbooks are already available in English, Tweedie said. And last year, all of the major global accounting firms began working with colleges to include IFRS in their curricula.
CFO.com | 10/08
This story published in IFRS Report on 11/05/2009
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