The trustees of the IFRS Foundation have published their own staff’s analysis of the Securities and Exchange Commission’s final staff report on International Financial Reporting Standards in an effort to address some of the findings and prod the U.S. into embracing IFRS.
The SEC published its final staff report in July outlining the pros and cons of incorporating IFRS into U.S. GAAP (see SEC Staff Releases Staff Report on IFRS Work Plan). While the report described some of the benefits of IFRS, it also included criticisms of the heavy costs of transitioning to IFRS for many companies and the remaining significant differences between IFRS and U.S. GAAP, which the decade-long convergence efforts have failed to eliminate.
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