The SEC issued a report on IFRS in July, outlining concerns. In late October the IFRS Foundation responded with an 84 page report. The Journal of Accountancy article looks at the evolving situation, including an assessment from Frazier & Deeter partner Sean Lager regarding the pace of the debate.
AICPA President and CEO Barry Melancon, during a speech to the AICPA governing Council, warned that the United States could face consequences for not pushing steadily forward on convergence and adopting IFRS.
Michel Prada, chairman of the IFRS Foundation trustees, issued a statement that the United States is well-placed to achieve a successful transition to IFRS.