Update on status of proposed global financial reporting standard. Small business need-to-know and news-to-watch.
Excerpt: The mission to create a single set of global financial reporting standards received two blows in recent days as the International Accounting Standards Board engaged in tussles with the Securities and Exchange Commission and the Financial Accounting Standards Board. On July 13 the SEC published a staff paper written with the aim of providing the commission with the information it needs to decide whether and how quickly to proceed with adoption of International Financial Reporting Standards for U.S.-listed companies.
It was widely viewed as being 137 pages of reasons why the SEC doesn’t need to make a decision right now. The migration towards full adoption of international standards remains a contentious issue in the United States.
Read full article via IASB IFRS SEC staff paper FASB Leslie Seidman Hans Hoogervorst incurred loss expected loss.