Note 1: this was my take on one point raised by Kroeker; see disclaimer posted on the right side of this blog, read his verbatim quote below. Note 2: my use of the phrase 'report in IFRS' may be an overly short-hand reference, since the more recent thinking of the SEC, as discussed in its Staff Paper on 'Condorsement' released in May 2011, focuses on the incorporation of IFRS into the U.S. financial reporting system via ongoing endorsement of IFRS by the FASB, and that concept, combined with comments filed with the SEC today by the Financial Accounting Foundation (which oversees the FASB) may - the operative term being, may - indicate a more gradual move to 'incorporating' IFRS into U.S. GAAP, perhaps lessening the potential impact of an on-off 'switch' from U.S. GAAP to IFRS.
Objective of Global Standards ‘Isn’t to Engrain Dual GAAP System”
Kroeker reviewed developments to date with respect to the SEC’s consideration of incorporating IFRS in the U.S. financial reporting system, and announced that the SEC staff plans to issue a number of reports, some in the “very near term,” relating to this subject. Read details on the upcoming SEC reports on IFRS, here.