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October 31, 2010

SEC on track for 2011 IFRS decision

The US Securities and Exchange Commission (SEC) is on track to make a 2011 decision on IFRS adoption.

The SEC issued its first progress report on a work plan launched this year and the regulator’s chief accountant Jim Kroeker said it has already made significant progress.

The 2011 decision depends on the completion of major IFRS/US GAAP convergence project milestones as well as other criteria that relate to International Accounting Standards Board’s (IASB) governance. For example, the SEC is examining the governance structure of the IASB’s oversight body and the IFRS Foundation.

The regulator is also looking into the IASB’s funding arrangements. Three quarters of countries that permit or require some form of IFRS reporting do not provide monetary funding while the US and Japan, who have not formally adopted the standards for domestic use, provide the biggest contributions overall with £1.85m ($2.97m) and £1.74m respectively. 

The SEC will report periodically on the status of the work plan during 2011.


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