The US National Association of State
Boards of Accountancy (NASBA) has called on the US Securities and
Exchange Commission (SEC) to withdraw its IFRS road map as soon as
possible.

The association represents the 55 US state
board of accountancy. It urged the SEC to support efforts of the
International Accounting Standards Board (IASB) and the US
Financial Accounting Standards Board (FASB) to converge standards
rather than move towards adoption of, or transition to, IFRS.

In November, the SEC issued a proposed road
map for public comment on a potential transition by US issuers from
US GAAP to IFRS by 2014.

The NASBA said in its response letter that
reducing the role of the FASB to that of a “rubber stamp” standard
setter was not in the interest of the US public and the adoption of
IFRS would “significantly and negatively impact securities
regulation in the US”.

The board’s views are at odds with the
findings of a recent KPMG survey of 230 senior investment
executives and analysts. Sixty-five percent of respondents to that
study believe the adoption of IFRS will make US capital markets
more attractive to foreign investors.

The NASBA raised concerns about how
principles-based accounting would reduce investor concerns about
financial engineering and the independence of the IASB.

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By GlobalData

The association also questioned whether one
set of global accounting standards was attainable given countries’
differing interests.