The Financial Accounting Foundation and the Financial Accounting Standards Board issued a statement today in reaction to the SEC's Commission Statement in Support of Convergence and Global Accounting Standards, issued on Wednesday.
The FAF and FASB state that they "support the SEC’s view that a single set of high-quality globally accepted accounting standards will benefit U.S. investors, "and "support the SEC’s further consideration of the issues identified in the [SEC's] 'Work Plan' in making its determination on whether and how to transition the current financial reporting system for U.S. issuers to a system incorporating International Financial Reporting Standards (IFRS)." Additionally, they state, "As the FASB aims to complete in 2011 the important projects identified in our MoU with the IASB, we expect 2010 to be a pivotal year of progress... The FASB will continue to address reporting issues of critical importance to U.S. investors and financial markets while pursuing the international standard setting agenda." For futher details, read the FAF-FASB statement.