The chairman if the European Securities and
Markets Authority (ESMA) Steven Maijoor has called for the US
Securities and Exchange Commission (SEC) to urgently make a
decision on the adoption of IFRS.

Addressing the annual congress of the European
Accounting Association held in Ljubljana, Slovenia, Maijoor said
the “absence of a clear SEC position, and the lack of clarity on
the timetable for their decision have not been to the advantage of
the International Accounting Standards Board (IASB)”.

“Convergence should not be seen as a sort of
bargaining game that should lead to political compromises. I would
only like to refer to the demand from the G20 to the boards to
double their efforts to achieve a single set of high quality,
global accounting  standards,” Maijoor said.

He also said the IASB should, while respecting
its independent standard-setting  process, take the time it
needs to “progress on the future impairment model to come to a high
quality standard”.

ESMA joins several other financial
organisations, professional bodies and global firms that have
already called for more clarity on IFRS adoption from the SEC.

The SEC said it will make a decision on IFRS
adoption in 2012.