The Securities and Exchange Commission has opened a 60-day public comment period to see whether the U.S. should adopt international reporting standards.

The rule-based, Generally Accepted Accounting Principles (GAAP) have been around in the U.S. for years, but differ from the principle-based International Financial Reporting Standards (IFRS) that the European Union adopted in 2005. Currently more than 100 countries have moved to incorporate or are allowing IFRS.

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