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SEC Report Backs Away from Convergence

The commission's staff expresses hesitation about merging international standards and U.S. GAAP.

September 1, 2012

The final staff report from the Securities and Exchange Commission on global accounting-standard convergence could make that goal a little more remote.

In its 137-page report released in July, the SEC considered all possible ways to align international financial reporting standards (IFRS), which are set by the International Accounting Standards Board, with U.S. generally accepted accounting principles. But the report made it clear that putting the IASB in the driver's seat would be out of the question. Read more...

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