On July 13, the SEC‘s Office of Chief Accountant published its final staff report on the Work Plan related to the potential adoption of global accounting standards. The Work Plan was published in February 2010 to consider factors relevant to a determination as to whether, when, and how the current financial reporting system for U.S. issuers should transition to a system incorporating International Financial Reporting Standards (IFRS). The SEC currently has no timeframe to decide whether to switch to IFRS, so it’s uncertain when that decision will be made. SEC Release. SEC Report.