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SEC to Release More IFRS Studies

The SEC may soon issue more information about IFRS.

The Securities and Exchange Commission may soon up the ante in the debate over U.S. adoption of the International Financial Reporting Standards, Compliance Week reports.

According to the source, the SEC will be publishing more white papers on their its IFRS analysis if the agency observes its timelines, with research touching on IFRS consistency, key differences between GAAP and IFRS and accounting quality under the standard.

While adopting IFRS would mean having to change reporting processes for smaller U.S. companies, the potential shift would be helpful for multinational corporations, who currently have to prepare separate records for their U.S and international operations.

The source points to a poll from PricewaterhouseCoopers, which found only 12.2 percent of respondents would favor complete adoption of IFRS in the near term. The largest group, 39.7 percent, said they'd like to see "substantial adoption of IFRS into U.S. GAAP over a period of time, coupled with a FASB endorsement mechanism."

For U.S. businesses with no overseas operations, the idea of switching to the IFRS may seem overwhelming. However, Deloitte recently issued a pocket guide that aims to help readers understand the rules and how they've been implemented in other countries.  

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