SEC report on work plan for IFRSs

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13 Jul 2012

The Securities and Exchange Commission (SEC) has issued a Final Staff Report 'Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers'. The report summarises the observations and analyses the staff has learned in the areas covered by the SEC's Work Plan.

The Final Staff Report describes the potential impact of any incorporation of IFRS into the financial reporting system for US issuers.

As directed in February 2010, the SEC staff developed a work plan to "consider specific areas and factors relevant to a Commission determination as to whether, when, and how the current financial reporting system for U.S. issuers should be transitioned to a system incorporating International Financial Reporting Standards."

A more detailed summary of the SEC report will be available soon on IASPlus.

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