Cynthia Fornelli & Co. appreciate the effort by the SEC but would have appreciated a little bit of cuddling:
“The SEC staff is to be commended for completing its Work Plan on international financial reporting standards (IFRS). While staff recommendations of specific approaches or dates for the possible incorporation of IFRS into the U.S. financial reporting system was beyond the scope of the staff’s Work Plan, we hope the information in the report will facilitate an SEC determination on incorporation of IFRS in the near future. The CAQ remains supportive of the adoption and universal application of a single set of high quality global accounting standards. IFRS are best positioned to be that single set of standards.”