The SEC announced last week that it would make a decision in 2011 on whether adoption of IFRS is in the public interest and would benefit investors.
SEC Chairman Christopher Cox, as part of his drive to make global sampling of financial statements easier, pointed out that there are many business languages in the world, and in most of these countries they report in IFRS.
There’s some analysis by Charles Hoffman highlighting different reporting standards for public and private companies, and the webcast of the SEC announcement. Calls for comment on the proposal are open. It would make XBRL taxonomy easier, n’cest pas?