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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 5 / 29

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5

International convergence

Convergence as a process is yet to be fully specified

Added sense of urgency => 2005 requirement that listed firms in European Union jurisdictions must use international standards (IFRS) for consolidated reports

US GAAP users in the European Union must use IFRS as of 2007

Recent evidence of political intervention

Current focus:  financial instruments, derivatives and hedging

Under what circumstances will the SEC permit non-US registrants to use IFRS without reconciliation?

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