Lawmakers who are part of a group of current and former CPAs and accountants in Congress are expressing concern about the possibility of the Securities and Exchange Commission allowing U.S. companies a choice of using either U.S. GAAP or International Financial Reporting Standards.
In a letter late last month to SEC chair Mary Jo White, members of the Congressional Caucus on CPAs and Accountants wrote to share their concerns about White’s recent statements regarding the future incorporation of IFRS into the U.S. financial reporting system.
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