Thursday, February 25, 2010

SEC Reaffirms IFRS Commitment, But Pushes Adoption Out To 2015

The SEC just released a statement on IFRS which shows its supportive position and reaffirms its belief in that a single set of high-quality globally accepted accounting standards would benefit U.S investors, thus actively encouraging the convergence of U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). Also, the SEC directed a committee led by Chief Accountant, James Kroeker (ex KPMG partner) to prepare a Work Plan, to figure out all the implications of the use of IFRS by U.S. companies, taking into account current state and eventual completion of various "convergence projects" between U.S. and international accounting standards-setters....

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