Good news for overworked accounting departments out there: The Securities and Exchange Commission is just as overworked as you and won’t be ready to push forward with adopting International Financial Reporting Standards any time soon.
The SEC staff has published its first progress report on its plan for evaluating the effect of incorporating IFRS into the financial reporting system for U.S. issuers. The report’s details show that the staff has been busy carrying out the “Work Plan” outlined by the SEC earlier this year, but still has a long way to go.
