The American Institute of CPAs has given a thumbs-up to a Securities and Exchange Commission plan that would allow U.S. corporations to abandon generally accepted accounting principles and report their financial results using international accounting standards.But critics warn that a shift to International Financial Reporting Standards would drive up audit costs for U.S. companies, lower the quality of information available to investors, and put smaller accounting firms at a distinct disadvantage.

At issue: a concept release from the SEC seeking input on whether U.S. public companies should be granted the option of using the IFRS published by the International Accounting Standards Board, instead of the GAAP now required for domestic financial reporting.

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