International Accounting Standards For US Cos.?

Law360, New York (March 31, 2010, 1:23 PM EDT) -- In late February, the U.S. Securities and Exchange Commission took a new and important step toward the incorporation of IFRS — the International Financial Reporting Standards — into the U.S. financial reporting system.

On Feb. 24, 2010, the SEC unveiled a “Work Plan” designed to position the commission to make a determination in 2011 regarding adoption of IFRS in the United States. If adopted, IFRS would replace U.S. Generally Accepted Accounting Principles (U.S. GAAP), and the transition to IFRS would have a significant impact on many...
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