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No IFRS, Ands, or Buts Until Convegence, NASBA Tells SEC

""NASBA recommends to the Commission that the [IFRS] Roadmap be withdrawn due to the concerns [addressed in NASBA’s letter]. " The concerns listed by NASBA included the continuing need for the FASB and not letting it become, in NASBA’s words, a ’rubber stamp’ to the IASB; concerns about jurisdictional diferences in the adoption of IFRS; questions about sufficient guidance mechanisms for applying principles-based IFRS (e.g. compared to FASB’s Emerging Issues Task Force in the U.S.; concerns about the IASB’s independence, and concerns about the loss of sovereign power of the U.S..."
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Source: Financial Reporting Blog