SEC Releases Two IFRS Staff PapersThe first staff paper, "A Comparison of U.S. GAAP and IFRS," explores standard by standard how the two systems differ. It describes the status of the convergence efforts of the FASB and IASB in aligning various standards as part of their memorandum of understanding and outside the MoU.
The second paper, "An Analysis of IFRS in Practice," examines how a sampling of foreign companies have used IFRS in their filings with the SEC, and summarizes areas that drew comments from the SEC's Division of Corporate Finance as part of its disclosure review program.