The unanimous vote by the Securities and Exchange Commission to propose a "roadmap" for convergence towards the use of International Financial Reporting Standards by U.S. companies is a positive first step.The eventual use of global, country-neutral financial reporting standards for U.S. public companies will be superior in quality to both current U.S. generally accepted accounting principles and IFRS.

However, the journey to the end destination will require more in the way of guidance and other enablers in order to make the transition smooth and successful.

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