SEC's Hesitance On Global Standard Irks Accounting Insiders

Law360, New York (July 16, 2012, 6:50 PM EDT) -- A recent U.S. Securities and Exchange Commission report indicates U.S. companies have cooled to the idea of converting to international accounting standards, rankling foreign regulators and some industry insiders who are anxious for the agency to force the switch after years of consideration.

In a long-awaited report released Friday, the SEC's accounting staff outlined a myriad of challenges to abandoning the American generally accepted accounting principles, GAAP, in favor of the International Financial Reporting Standards, which prevail outside the U.S. The high cost of the switch...
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