SEC Staff Report on IFRS Cautious (Reuters)

Report does not provide timetable or recommendation for agency’s decision on IFRS.

A staff report from the U.S. Securities and Exchange Commission on international financial reporting standards (IFRS) released on Friday warns that full-on adoption of the standards would require considerable resources and says a gradual transition has more support in the United States. 

The staff report, 2½ years in the making, points to various IFRS flaws, including industries for which international standards are “underdeveloped,” according to the Journal of Accountancy. But it does not provide a recommendation on the SEC’s decision or offer a timetable for that decision.

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