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December 5, 2011

SEC delays IFRS decision by few months

The US Securities and Exchange Commission (SEC) will delay by a few months the decision on whether to incorporate IFRS for US users, according to SEC chief accountant James Kroeker.

The decision on adoption was expected by this year but Kroeker said SEC staff will need more time to finish its work plan and arrive at a decision.

Addressing the issue at an American Institute of Certified Public Accountants national conference, Kroeker stressed that the Financial Accounting Standards Board and the International Accounting Standards Board are also behind in their schedule of IFRS/US GAAP convergence projects, such as financial instruments.

The SEC chief accountant said he is “encouraged” about the potential prospects of IFRS incorporation.

“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,” Kroeker said.


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