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February 27, 2012

US will not be pressured into adopting IFRS

The US securities regulator has said that it will not be rushed into adopting IFRS. US Securities and Exchange Commission (SEC) chairman Mary Schapiro said she “did not feel any pressure to go along with anybody only pressure to do the right thing for US markets and US investors”.

Schapiro was speaking to reporters after her address to delegates at the Practising Law Institute’s annual SEC Speaks conference.

Schapiros comments come after last weeks remarks by International Accounting Standards Board chairman, Hans Hoogervorst, who said that he was optimistic international accounting standards will soon be adopted in the US. Hoogervorst said that SEC chief accountant James Kroeker had been positive about the odds of the US adopting IFRS and that a decision will be made in the Spring.

The SEC had been expected to announce a decision about possible adoption of IFRS for US companies by the end of 2011 but in November the regulator said it needed a few more months to.

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SEC IFRS endorsement a possibility

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