The Securities and Exchange Commission (SEC) have issued a proposed move to support a single set of international accounting standards to be adhered to globally.
They have identified IFRS as the standards best placed to fill this role, meaning U.S. businesses who currently adhere to U.S. GAAP will have to re-evaluate their financial reporting processes. Despite an initial target of making a recommendation on the adoption of IFRS by 2011, no decisions have been forthcoming from the SEC.
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