Accounting: NASBA tells SEC it supports continued convergence of FASB standards with IFRS

The National Association of State Boards of Accountancy (NASBA) has filed a response to the Concept Release issued by the US Securities and Exchange Commission (SEC) On Allowing U.S. Issuers To Prepare Financial Statements In Accordance With International Financial Reporting Standards (IFRS). The IFRS standards, issued by The International Accounting Standards Board (IASB), are required by all publicly traded European Union countries, among others. In the US, its Financial Accounting Standards Board (FASB) establishes standards for domestic companies and is working with the IFRS to harmonize the two sets of standards. NASBA supports the continued convergence process in part to avoid serious consequences for businesses that do not report to the SEC. Everyone does not agree with NASBA. For example, Deliotte and Touche wrote "we believe that the SEC should develop a comprehensive plan to eventually transition all U.S. users to IFRSs. NASBA's response to the SEC.      Deloitte's response to the SEC.