Are we there yet? A view from the road to international accounting standards

Description

Abstract: As the journey to International Financial Reporting Standards (IFRS) continues, the SEC is plotting the best route. Although the destination is clear — a single set of high-quality, globally accepted accounting standards — questions still remain about how to get there. This article summarizes progress thus far, including the SEC’s consideration of six factors in determining whether, when, and how the transition should take place. It also reviews some of the outstanding issues, such as funding and regulatory impact. A sidebar discusses how financial accounting standards boards are working to converge U.S. GAAP and IFRS.