SEC STAFF PRESENTS “CONDORSEMENT” AS POSSIBLE METHOD FOR MOVE TO IFRS

A staff paper published by the SEC’s Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so called “condorsement” approach to incorporating IFRS into the US financial reporting system. “The Staff’s discussion in this Staff Paper is not intended to suggest that the Commission has determined to incorporate IFRS,” the paper says, “or that the discussed framework is the preferred approach or would be the only possible approach.” The paper summarizes other jurisdictions’ approaches and outlines condorsement as another possible option, elaborating on the concept introduced in December by a member of the OCA staff at the AICPA National Conference on Current SEC and PCAOB … Continue reading →