IFRS in the U.S.Responding to the challenge |
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On May 26, 2011, the U.S. Securities and Exchange Commission (SEC) Staff issued a “Staff Paper” which elaborates on and requests comment on a possible method of incorporating International Financial Reporting Standards (IFRS) into the U.S. financial reporting system. The Staff’s framework combines elements of convergence and endorsement and was characterized by an SEC Staff member in December 2010 as the “condorsement” approach.
Although the details of a possible approach of incorporating IFRS into the U.S. financial reporting system are yet to be finalized, should this framework be adopted, companies would likely be faced with a multi-year period over which many potentially significant new accounting pronouncements would need to be implemented.
This paper outlines some leading practices that companies should consider to efficiently navigate through this potentially turbulent period.
Download the paper below.
IFRS in the U.S.: Responding to the challenge
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