Professional Documents
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Financial Accounting I
49
A Single Global Accounting Language
- International financial reporting standards (Contd.)
In February 2010, the SEC reaffirms its
commitment to one set of accounting
standard and continues to encourage the
convergence of standards between the US
GAAP and IFRS.
On 10/29/2010, the SEC issued its first
Progress Report on its Work Plan on the
possible move toward the adoption of the
IFRS for the US issuers.
The SEC will make the decision of
adopting IFRS for US issuers in 2011. 50
The SECs Roadmap Toward Global
Accounting Standards