SEC staff against wholesale switch to IFRS
As the SEC delays its decision to fully adopt the global accounting rule that has been rolled out across Asia, CT asked Yin Toa Lee, a partner and financial services leader of Ernst & Young, how Asia’s CFOs should deal with the discrepancy
The US Securities and Exchange Commission finally released its long-awaited opinion on switching to the international accounting standards on July 13. But its 127-page staff report falls short of recommending a wholesale adoption of international financial reporting standards (IFRS) and no timeline is offered for its implementation.
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