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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis.

Feb 23

Written by: Jack Ciesielski
2/23/2010 7:55 AM 

At an open meeting tomorrow morning, the SEC's commissioners "will consider whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers."

You could take that one of three ways:

    1. They're getting ready to move soon on supporting IFRS in the United States.

    2. They're backing off from supporting IFRS in the United States.

    3. They're putting out a placeholder position to keep one foot in the water without committing either way.

They might decide tomorrow to just issue a statement - later. We might not know a lot more after tomorrow's meeting. Given the divergent paths of the FASB and the IASB regarding fair value reporting for financial instruments and the EU's heavy-handed involvement in IASB affairs lately, my guess is that their statement will look more like number three than the other two.