SEC Unveils Plan For Global Accounting Standards

Law360, New York (February 25, 2010, 6:33 PM EST) -- The U.S. Securities and Exchange Commission has voted to recommend that the U.S. bring its accounting rules in line with international standards, fleshing out a proposal it first made in fall 2008.

The commission said Wednesday that it wants to “encourage convergence” of the American generally accepted accounting principles and the International Financial Reporting Standards, which prevail outside the U.S.

The SEC has asked its staff to develop a work plan to determine what it would take for the U.S. to adopt the IFRS. At the...
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