Global Accounting Standards Suddenly Seem Far Off

Law360, New York (July 19, 2012, 7:06 PM EDT) -- Once considered a question of when not if, the U.S. adoption of international accounting standards suddenly seems in doubt, a major blow to European regulators who have long counted on the world's biggest economy joining their effort to create a global set of reporting principles.

In 2010, the U.S. Securities and Exchange Commission endorsed the idea of abandoning the American generally accepted accounting principles, GAAP, in favor of the International Financial Reporting Standards, which prevail outside the United States.

But after more than two years of...
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