The US Securities and Exchange Commission (SEC) will on Wednesday 'consider whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers'.
Dr Nigel Sleigh-Johnson, Head of the ICAEW Financial Reporting Faculty, commented:
"There has been intense interest in, and speculation over, the US' commitment to International Financial Reporting Standards (IFRS) ever since the US Securities and Exchange Commission (SEC) published its historic 'Roadmap' in late 2008.
"Now is the time for the SEC to show leadership to the world at a time of continued economic uncertainty. By steering the US firmly on a course towards mandatory application of IFRS and deploying its unrivalled expertise and experience in regulating financial markets in the cause of a single global accounting language, it has the opportunity to transform the global financial reporting environment at a time when the interdependencies of capital markets worldwide have never been clearer.
"More and more countries are converging to IFRS, with major economies such as Canada and Japan currently in the late stages of convergence. Clarity over this issue is likely to bring substantial long-term benefits to investors not only in the US, but around the world, especially in the several jurisdictions awaiting a clear signal on US intentions before making a final decision about switching to IFRS reporting. Further delay in providing clarity will be very unhelpful."
US SEC's meeting agenda
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