January 2009
Venulex Legal Summaries;2009 Q1, Special section p1
The authors comment on the proposal of the U. S. Securities and Exchange Commission (SEC) to adopt the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) for issuers rather than the U.S. accounting standards. They say that IFRS will impose special requirements on governance, internal controls, employee training, disclosure and contract fulfillment. They provide an overview on the differences between IFRS and U.S. standards. They cite the requirements of SEC on voluntary and mandatory conversion.


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