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SEC Decision on Accounting Standards Expected “Later Into 2012”

January 04, 2012, 06:00 AM
Filed Under: Regulatory News

A recent article posted on CFO indicates that the SEC will likely not opine on whether the United States will fully meld its financial reporting with international financial reporting standards (IFRS), until later into 2012.
According to the article, a decision was expected by the end of 2011 due to the fact that the FASB and the IASB had made progress on converging leasing and revenue-recognition standards.
Additionally, the article describes the debate regarding the role of FASB in setting private-company accounting standards as unresolved. Earlier in 2011 the AICPA, called for "a separate private-company standards board" that would be overseen by the FAF and would "work closely" with FASB. But the board, not FASB, "would have final authority" over changes and exceptions to U.S. GAAP targeted to private companies.


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