IFRS and thereafter keep pace with new or amended IFRSs through endorsement
procedures, the framework explored in this Staff Paper would include a transitional
period during which existing differences between IFRS and U.S. GAAP would be
eliminated through ongoing FASB standard-setting efforts.
While certain operational aspects of the framework are discussed in this Staff Paper, the
framework represents only one possible approach to incorporation of IFRS. The details
of this framework, and other potential methods of incorporation, would need to be subject
to further review and development, if and when the Commission determines that IFRS
should be incorporated into the financial reporting system for U.S. issuers. Lastly, in
various forums, the notion of an early-adoption option for U.S. issuers to use IFRS has
been discussed. While the consideration of an option is beyond the scope of this Staff
Paper, the Staff is continuing to consider the possible mechanics and implications of an
option for U.S. issuers and how it would work in the context of the framework or
otherwise.
3
Summary :
IFRS and thereafter keep pace with new or amended IFRSs through endorsement procedures, the framework explored in this Staff Paper would include a transitional period during which existing differences between IFRS and U.S. GAAP would be eliminated through ongoing FASB standard-setting efforts.
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