SEC Chief Accountant Announces Delay in Decision on IFRS
The United States Securities and Exchange Commission (SEC) has published the transcript of a speech made by James L. Kroeker, SEC chief accountant, at a recent AICPA National Conference on current SEC and PCAOB Developments. In this speech, Mr Kroeker discussed the timing of a final report to be issued by the SEC staff on the incorporation of IFRS for U.S. issuers. The SEC had hoped to make a determination as soon as 2011, but the final report will be delayed by a "few additional months". An extract from the published text of his speech is reproduced below:
"We remain committed to completion of a final comprehensive report on our Work Plan, consistent with the high caliber of reporting embodied in our previous progress documents. In that regard, the staff will need a measure of a few additional months time to produce a final report. At the same time, the staff is in the process of developing an approach for Commission consideration. Given the number of things on our agenda, I cannot give you a precise schedule. I can tell you that we will do so carefully and thoughtfully, being guided by an ideal that produces the maximum benefit for the investing public and the capital markets.
I can also tell you that I am encouraged about the potential prospects of IFRS incorporation, particularly as I consider and reflect on the input received on the May staff paper exploring a potential incorporation approach."