By
CHRIS GAETANO, Trusted
Professional Staff
NEW YORK—As the nature of the U.S. economy grows
increasingly global, businesses, regulators and standards
setters alike have recognized the importance of being able
to communicate with their overseas counterparts in a common
language, notably the International Financial Reporting
Standards (IFRS) that have already been adopted in more
than 100 other countries, according to the Securities and
Exchange Commission (SEC).
While a great deal of work has
been done to converge IFRS with U.S. GAAP (Generally Accepted
Accounting Principles), no action has been taken on a roadmap
that the SEC proposed in August 2008 that set 2011 as the
year in which the SEC would decide if it would adopt IFRS
for U.S. public companies.
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