The path forward for international standards in the United States: Considering possible alternatives

October 2011
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Point of view: The path forward for international standards in the United States: Considering possible alternatives

At a glance

The SEC announced plans for the future use of international financial reporting standards (IFRS) by US public companies. Completion of the current convergence agenda, enhanced cooperation among capital market securities regulators, and a refocused international interpretations body will provide a basis for a single set of high-quality global accounting standards.

Highlights

  • The SEC has stated it plans to make a determination on the future use of international standards by US public companies in 2011.
  • Full acceptance or complete rejection of a move to international standards in the US seems increasingly unlikely. A compromise solution will likely be necessary.
  • Completion of the current convergence agenda, enhanced cooperation among key capital market securities regulators and a refocused international interpretations body will provide a more solid foundation for a single set of high-quality global accounting standards.