SEC coy on IFRS adoption road map

A US Securities and Exchange
Commission (SEC) commissioner has said the regulator will likely
consider further action on the road map early next year.

Elisse Walter was speaking at the 2009
American Institute of Certified Public Accountants (AICPA) national
conference this month.

Also speaking at the event, SEC chief
accountant James Kroeker said the commission was continuing to
evaluate the project and carefully considering issues including US
investor perspectives on IFRS and the development and application
of IFRS for use as the single set of globally accepted accounting

Kroeker said preparers’ considerations
must also be assessed and that the regulator had to evaluate the
impact of IFRS adoption on the US regulatory environment.

Kroeker previously hinted that the SEC
would provide more clarity on IFRS adoption in the US by 21
December 2009.

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By GlobalData

Despite widespread anticipation that
he would provide further information at the AICPA event, he only
said that the announcement would come in the “near-term”.

Hunt begins for Tweedie successor

The trustees of the International
Accounting Standards Committee (IASC) Foundation have begun a
global search to find a successor to David Tweedie, chairman of the
International Accounting Standards Board. Tweedie will leave the
post on 30 June 2011, as is mandatory after completing a second
term. He has chaired the board since its formation in 2001. IASC
Foundation chairman Gerrit Zalm said the trustees were launching
the search now to “allow time for the broadest international search
possible to fill this vital position and provide a smooth
transition”. The trustees expect to make a decision in the second
half of 2010.

Large Japanese companies get IFRS green light

Some Japanese public companies will be
able to start using IFRS voluntarily in their consolidated
financial statements starting from fiscal years ending 31 March
2010. The Financial Services Authority of Japan said it will
release the final details on 11 December and that is has
significantly reduced the parallel reporting requirements for these
companies following comments on its draft IFRS road map, which was
issued earlier this year.