Promoted vigorously by Christopher Cox, chairman of the SEC under the most recent Bush administration, International Financial Reporting Standards have been hotly debated in recent months.

Should the U.S. adopt IFRS completely and allow the International Accounting Standards Board rather than the Financial Accounting Standards Board, to introduce mandates? Or should the FASB continue its work with the IASB to converge the two standards and eliminate material differences? Mary Schapiro, the current SEC chairman, has been cool to the idea of converting to IFRS. She is "not prepared to delegate standard-setting or oversight responsibility to the IASB." By the fall of 2009 the new SEC leadership was to have provided more insight about their intentions, but so far, corporations are still left wondering what, if anything, they should do to prepare.

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