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THE SECURITIES AND EXCHANGE COMMISION STAFF ON FRIDAY AFTERNOON RELEASED ITS LONG-AWAITED WORK PLAN ON A METHOD FOR POSSIBLY INCORPORATING INTERNATIONAL ACCOUNTING STANDARDS INTO THE U.S. FINANCIAL REPORTING SYSTEM. THE PLAN GAVE NO RECOMMENDATIONS ON WHETHER TRANSITIONING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS WOULD BE IN THE BEST INTEREST OF U.S. INVESTORS AND CAPITAL MARKETS, BUT DID LIST MANY OF THE STAFFS CONTINUED CONCERNS ABOUT THE FEASIBILITY OF SUCH A MOVE.
In the 127-page report, the SEC staff said that it became “apparent” during its research that the vast majority of its constituents did not support a full and complete adoption of IFRS as set by the International Accounting Standards Board. The staff then spent much of its report on the issues it would face if IFRS was incorporated into U.S. accounting rules.