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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By GlobalData
