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July 9, 2012

SEC IFRS adoption decision date unknown

The final report from US Securities and Exchange Commission (SEC) staff on the country’s plans to adopt IFRS will not contain a recommendation on if it should or not.

An SEC spokesperson told The Accountant that the final staff report is expected to be used to evaluate recommendations on the US moving towards IFRS, however the SEC has no time schedule, at present, for the staff delivering a recommendation on its consideration of adopting IFRS.

The SEC spokesperson confirmed the regulator currently has no time frame on when it plans to make a decision on IFRS adoption, which is a vastly different situation then thought.

The SEC was expected to make a decision in 2011, however it was postponed to 2012 with no clear end in sight.

Former SEC chief accountant James Kroeker said in December last year that the decision would only to be delayed by a ‘few months’ in order to finish its work plan and arrive at a decision. However, Kroeker left the SEC earlier this month.

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