US - Transition to IFRS sparks debate at SEC

The US Securities and Exchange Commission (SEC) is trying to chart the way for companies to transition to International Financial Reporting Standards (IFRS), but there is no clear consensus about how the transition should be made. “The comment letters on how to get there were an array, meaning every possible idea you could think of on how to get there…" said Julie Erhardt, deputy chief accountant at the SEC. There is considerable debate over the cost of the transition, and over whether it is fully supported by Congress. (Read the article "Lack of accounting-rules consensus vexes SEC" at Reuters online.)