There was, however, considerable discussion regarding the role that various
stakeholders, such as regulators and public accounting firms, play in
interpreting principles-based standards. And rather than leaving the
interpretation of the standards to these stakeholders, perhaps the IASB should
fund and support a more robust interpretation effort.
But the momentum of the issue slowed following the release of a 2012 SEC
Final Staff Report (Work Plan for the Consideration of Incorporating International
Financial Reporting Standards into the Financial Reporting System for U.S. Issuers)
that questioned the funding of the IASB and the timeliness of responses to
widespread accounting issues by the IFRS Interpretations Committee. The
report also said adoption of IFRS would be costly for U.S. public companies.
stakeholders, such as regulators and public accounting firms, play in
interpreting principles-based standards. And rather than leaving the
interpretation of the standards to these stakeholders, perhaps the IASB should
fund and support a more robust interpretation effort.
But the momentum of the issue slowed following the release of a 2012 SEC
Final Staff Report (Work Plan for the Consideration of Incorporating International
Financial Reporting Standards into the Financial Reporting System for U.S. Issuers)
that questioned the funding of the IASB and the timeliness of responses to
widespread accounting issues by the IFRS Interpretations Committee. The
report also said adoption of IFRS would be costly for U.S. public companies.
