A staff report from the U.S. Securities and Exchange Commissionon international financial reporting standards (IFRS) released onFriday warns that full-on adoption of the standards would requireconsiderable resources and says a gradual transition has moresupport in the United States.

The staff report, 2½ years in the making, points tovarious IFRS flaws, including industries for which internationalstandards are “underdeveloped,” according to the Journalof Accountancy. But it does not provide arecommendation on the SEC's decision or offer a timetable for thatdecision.

According to the Wall Street Journal, the International AccountingStandards Board, which oversees IFRS, expressed “regret” that theSEC staff report didn't commit the U.S. more firmly to switching toIFRS.

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