CFO reported that although the Securities and Exchange Commission has signaled that convergence of international financial reporting standards (IFRS) with U.S. generally accepted accounting principles (GAAP) may not be the its highest priority, the rest of the world’s standards-setters aren’t standing still. The article added that several new regional standards-setting initiatives could bring challenges to many CFOs working for U.S.-based multinationals.

The report said the IFRS Foundation, for one, is proposing to create an Accounting Standards Advisory Forum, which would consist of national accounting standards-setters and regional representatives that can provide advice and feedback to the International Accounting Standards Board.

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