Question 12. The SEC has been reluctant to accept IAS because they are more general and often provide little guidance on applying the methods.

Question 12.12. The SEC has been reluctant to accept IAS because they are more general and often provide little guidance on applying the methods. The SEC believes that the efficiency of the US markets is partly due to the high level of reporting required in the US and that any reduction in this quality would result in less efficient markets. However, over the last several years, the international rules and the U.S. rules have been converging and many of the significant differences that existed in the past have been eliminated. This represents a convergence of