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May 28, 2012

SEC to consider next steps on IFRS

The US Securities and Exchange Commission (SEC) is to publish a work plan next month, following which the regulator will consider the next steps to be taken in relation to adopting IFRS.

SEC commissioner Elisse Walter, who addressed the issue during a recent speech at the Financial Accounting Foundation’s 2012 Annual Board of Trustees dinner, did not specify what the “next steps” would be but stressed her personal view was that the Financial Accounting Standard Board (FASB) should determine to endorse newly issued IFRS standards, following an appropriate consideration of the US perspective by the International Accounting Standards Board (IASB).

“It is critical that the FASB and the IASB continue to make satisfactory progress on the major convergence projects,” Walter said.  

The commissioner then added a robust IFRS interpretive process and a coordinated application and enforcement of IFRS will “continue to be essential to provide investors with high quality information”.


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