SEC Releases Staff Report on IFRS
Late Friday afternoon (July 13), the U.S. Securities and Exchange Commission released its final staff report on the incorporation of International Financial Reporting Standards into the U.S. financial reporting system. See the SEC's press release and SEC's final staff report on IFRS.
As reported by BloombergBNA's Steven Marcy earlier on Friday, in Schapiro Has no Time Frame for SEC Decision on Use of IFRS in U.S., SEC Chairman Mary L. Schapiro told a meeting of the IFRS Foundation and its Monitoring Board (of which the SEC is a member) that the SEC staff's final report on IFRS was expected to be released "shortly," but there was no specific "time line" for formal Commission action. The Commission would, however, seek public comment on the staff report.