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February 21, 2012

SEC IFRS endorsement a possibility

US Securities and Exchange Commission (SEC) chief accountant James Kroeker has suggested that the regulator may be edging its way towards endorsing IFRS.

Kroeker made the comments in a meeting with the IFRS advisory panel in London this week.

The ‘endorsement’ is one of the four discussed approaches for IFRS adoption so far and would see the US formally endorsing new or amended IFRS before they become legally binding.

IFRS endorsement would also mean that SEC will retain its sovereign right to evaluate future global rules something that the US could loose if it fails to make such a commitment.

After a strategic review of the IFRS Foundation early this month, the IFRS Trustees took a more hard line view on convergence. It stated that while it assumes there will be a positive response on adoption from the US and other large economies such as Japan soon, ‘failure to make such commitments’ may result in the strategy being re-reviewed subsequently leading to changes to the Trustees and the International Accounting Standards Board composition.

This is likely to be one of the main reasons for Kroeker’s recent comments.

The SEC said that it will need a few more months to make its final position clear.

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