In my first column this year, I wrote that I hoped the Securities and Exchange Commission would soon give us some clarity on its thinking in regard to moving U.S. reporting companies to International Financial Reporting Standards to calm some of the anxiety regarding that potential move. My wish was fulfilled in February when the SEC issued its “Commission Statement in Support of Convergence and Global Accounting Standards.”
As I hoped, the SEC indicated that a 2014 mandatory adoption of IFRS is off the table, even for large U.S. companies. The statement also indicated that ...