The US Securities and Exchange Commission
(SEC) is considering a combined approach to IFRS adoption.
SEC deputy chief accountant Paul Beswick said
a hybrid of convergence and endorsement, he has labelled
“condoresement”, may be the approach to IFRS adoption the regulator
Condoresement would involve:
- US GAAP continuing to exist;
- The International Accounting Standards Board
(IASB) and the Financial Accounting Standards Board (FASB)
finishing any major convergence projects; and,
- The FASB not beginning work on any new major
projects but instead creating a new set of priorities that would
attempt to converge existing US GAAP with IFRS for standards that
are not on the IASB’s agenda to make sure existing IFRS are
suitable for US capital markets.
Beswick said this approach is worth
considering for various reasons, including the depth of the US
markets, the quality of existing US standards, and the existing
consistency at the objectives level between areas in US GAAP and
The SEC is expected to make a decision on IFRS
adoption in 2011.
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