The Securities and Exchange Commission has published its final report examining if and how IFRS could be applied in the US. The six key areas identified in the SEC's 2010 Work Plan are covered, including the development and application of IFRS for the US domestic reporting system; the independence of standard setting for the benefit of investors; and the regulatory environment. It was disappointing that the report did not provide the method or any recommendations on the timing to potentially incorporate IFRS into the accounting framework in the US. The SEC Commissioners will make this decision at a later date, but perhaps their minds have already been made up.
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