On July 13, 2012, the staff of the Securities and Exchange Commission (SEC) issued a long-awaited report regarding adoption of International Financial Reporting Standards (IFRS) in the United States. Currently, Generally Accepted Accounting Principles (GAAP) in the U.S. is determined by the Financial Accounting standards Board (FASB), with support of the SEC. The report surprised any who thought that it would be far more supportive of adopting IFRS.
IFRS in the U.S. is not dead yet, but the rapid transition that many sought is unlikely. This article provides the high point of quotes and conclusions from the detailed and thoughtful 137-page report