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August 15, 2010

US SEC seeks comment on IFRS adoption

The US Securities and Exchange Commission (SEC) has identified three topics for further study as part of its work towards deciding whether the US will adopt IFRS.

The SEC is now seeking public comment on the three topics, which are:

  • US investors’ current knowledge of IFRS and their preparedness for incorporation of IFRS into the financial reporting system for US issuers;
  • How investors educate themselves on changes in accounting standards and the timeliness of such education; and,
  • The extent of logistics for and estimated time necessary to undertake changes to improve investor understanding of IFRS and the related education process to ensure investors have a sufficient understanding of IFRS prior to potential incorporation.

The deadline for comments is 11 October.

The SEC is due to decide in 2011 whether the US will adopt IFRS.

 

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