Nothing like dropping this on everyone at 6 pm. On a Friday. In the middle of July. Half of the people that care about this thing are on vacation and the other half left at three o'clock. That's the SEC for ya. Have a read over the weekend and we'll debrief (if necessary) on Monday.
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IFRS: Four. More. Years.
Comments reflected “a lot of unanimity around, if we go in this direction, allowing sufficient time for companies to adjust,” said Schapiro in a question-and-answer session following her keynote address to the American Institute of Certified Public Accountants’ national conference on accounting and auditing issues for public companies. “It’s likely to be a minimum of four years,” but that’s still a point for the SEC to decide, she said, assuming it decides to incorporate IFRS into U.S. capital markets. [Compliance Week]
IFRS Fanboy to World: Global Adoption of IFRS Is Inevitable
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SEC Needs More Time to Get Their Heads Around IFRS
A recommendation on whether U.S. companies should switch to international accounting rules will take a few more months, the Securities and Exchange Commission’s chief accountant said Monday. The SEC’s staff had been expected to make a recommendation by year-end on whether U.S. companies should adopt the global rules, known as International Financial Reporting Standards. But the staff needs “a few additional months” to complete its work, SEC Chief Accountant James Kroeker said. [WSJ]