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December 13, 2009

News Briefs

IFRS 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 standards.

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.

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”.

PEOPLE 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.

IFRS 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.

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