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| Focus on Accounting: SEC Approves Statement on Global Accounting Standards |
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On February 24, 2010, the SEC announced their support for a single set of high-quality globally accepted accounting standards, indicating that it would benefit U.S. investors. In connection with achieving this goal, the SEC indicated their continued support for convergence between U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). The SEC staff will execute a Work Plan, which will include consideration of IFRS as of today, and upon completion of convergence projects. By 2011, the SEC will decide whether to incorporate IFRS into the U.S. financial reporting system, and if so, when and how. The SEC staff will provide public progress reports on the Work Plan, as well as the status of the FASB and IASB convergence projects, beginning no later than October 2010 and frequently thereafter until the work is complete. To read the full SEC press release click here. RubinBrown will continue to monitor the IFRS and U.S. GAAP convergence, and its impact on financial reporting for public companies. If you have any questions, please contact your RubinBrown advisor, or:
Partner-in-Charge
314.290.3295
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Ethics Seminar Retirement Plan Corrections & Economic Update Revising SAS70 (SSAE 16) and “The New SAS70” |
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