CFO.com reported that a final report by the SEC’s staff on adopting global financial reporting standards seems to back away from a melding of international standards and U.S. GAAP.

The article said that the SEC report attempted to consider all possible ways to align international financial reporting standards (IFRS), which are set by the International Accounting Standards Board (IASB), with U.S. generally accepted accounting principles (GAAP).

The CFO.com article cited the SEC report as saying, “it became apparent to the staff that pursuing the designation of the standards of the IASB as authoritative was, among other things, not supported by the vast majority of participants in the U.S. capital markets.”

CFO.com said that the SEC has not actually approved the staff report, but it will be a key tool for making the decision about whether the U.S. should adopt international accounting standards.

To read the full CFO.com article click here.