Although it has been somewhat circumspect, the SEC seems to be stalling on a move towards adopting the international accounting standards of International Financial Reporting Standards (“IFRS”). Such an approach has left the Europeans in a tizzy!!
The United States has an interesting history with international accounting standards. The SEC and the American accounting industry has in many respects attempted to avoid such a move. There has notably been a good deal of frustration from outside of the United States as to the refusal by the SEC to issue a decision on the incorporation of IFRS.
Thus, the international community is looking for a more positive step from the SEC on these standards. Maybe, the new year will bring such a decision.