SEC’s Recent Guidance on GAAP/IFRS Convergence Timeline


On February 24, 2010, the Security Exchange Commission (“Commission”) issued a statement reaffirming its support of establishing a “single set of high-quality global accounting standards.”1 The Commission continues to encourage convergence of U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and International Financial Reporting Standards (“IFRS”) as an effective means of achieving this goal. To this end, the Commission authorized the creation of the “Work Plan” to serve as a guide to assist the Commission in its evaluation of the impact of using IFRS on U.S. companies. Specifically, the Work Plan focuses on...

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »


Morrison & Foerster is an international firm with more than 1,000 lawyers across 15 offices in the... View Profile »

Follow Morrison & Foerster LLP:

Reporters on Deadline