Christopher Cox, the former Securities and Exchange Commission chairman whose support for converging International Financial Reporting Standards with U.S. GAAP was crucial in setting up a “roadmap” for harmonizing the two sets of accounting standards, has reversed course.
Only about a week after the Financial Accounting Standards Board and the International Accounting Standards Board released their converged revenue recognition standard, Cox told a group of accountants that he had come to “bury IFRS.”
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