The International Accounting Standards Board responded with dismay to the Securities and Exchange Commission staff report on International Financial Reporting Standards.

The SEC released its final staff report Friday on the IRS Work Plan, describing a large number of drawbacks to IFRS but not giving an overall recommendation to the SEC commissioners on what to do (see SEC Releases Staff Report on IFRS Work Plan). While the report described both the pros and cons in an effort to be even handed, the report indicated that wholesale adoption of IFRS enjoyed little support in the U.S. among investors and businesses.

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