The Securities and Exchange Commission seems ready to push forward with its idea of letting U.S. corporations file financial statements according to International Financial Reporting Standards—even as the clock winds down on current SEC leadership—and many fundamental questions about convergence remain.
John White, director of the SEC Division of Corporation Finance, recently gave a speech on convergence and bluntly said: “I truly believe that the endpoint will be U.S. issuers using IFRS and that it is time to move in this direction.”
