The primary goal of a single set of high-quality global accepted accounting standards is still the heart of the matter. However, the SEC’s final report from its IFRS work plan, issued July 13, 2012, does not set out any conclusions on the logistics of when or how current US GAAP reporters can achieve that goal. By issuing the final report they are concluding the IFRS work plan effort that was announced in February 2010 (release no. 33-9109).
Identified in the report are areas where the SEC feels the IASB has adequate facilities to allow US GAAP reporters to adopt/converge to IFRS, but there are also many areas that are identified where the SEC has ongoing concerns.
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What is coming next?
The SEC is going to continue to work on the plan, but it seems highly unlikely that anything will be released in 2012. The report does not specifically say that the SEC is accepting feedback as stated in their July 13, 2012 press release .