The Securities and Exchange Commission held a roundtable discussion Thursday on International Financial Reporting Standards and how they ultimately might be incorporated into the U.S. financial reporting system.
While the SEC has not yet made a decision on whether or not to approve the use of IFRS, a decision is expected by the end of the year. In the meantime, the SEC staff produced a work plan in May outlining how such a transition might happen (see SEC Releases Work Plan for How IFRS Transition Might Work). The roundtable, led by SEC Chief Accountant Jim Kroeker, was intended to solicit the views of investors, smaller public companies and regulators about how an IFRS transition should occur.
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