There has been little progress in recent years in the United States with respect to consideration of incorporating International Financial Reporting Standards (IFRS) into the financial reporting regime for domestic issuers, while at the same time, IFRS continues to be adopted or permitted in additional jurisdictions around the world.
Is the goal still to have a single set of globally accepted standards that are consistently applied and enforced, and if so, how might the United States proceed from here to achieve that objective?
Read a July 2015 report prepared by KPMG LLP: Defining Issues: IFRS in the United States – Current Status and Outlook
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.