Credit rating agency Fitch Ratings said in a new report that it expects the U.S. will still move forward with plans to incorporate International Financial Reporting Standards into U.S. GAAP, but in a “prolonged, cautious and incremental way.”

The agency said Wednesday it believes a renewed emphasis on issuing converged, “high quality” accounting standards and the need to re-expose updated proposals for comments has significantly slowed down the completion of many accounting projects jointly initiated by the Financial Accounting Standards Board and the International Accounting Standards Board. The major priority projects initially scheduled for a June 2011 completion are still at various stages of completion in 2012 and some will likely extend into 2013.

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