The Securities and Exchange Commission plans to hold a roundtable discussion on Aug. 4 to compare the performance of International Financial Reporting Standards and U.S. generally accepted accounting principles during the recent period of market turmoil caused by the subprime loan crisis.
The SEC expects to issue a roadmap later this summer laying out the timing for the convergence of IFRS with U.S. GAAP (see Industry Leader Q&A with Conrad Hewitt). One of the sticking points has been a concern that the principles-based IFRS approach will leave more leeway for companies to understate their losses.
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