When accounting goes unaccounted for
“As we move forward, we are committed to providing public progress reports beginning no later than October 2010 and frequently thereafter until the work is complete.”
~ SEC Chief Accountant James Kroeker’s testimony for tomorrow’s hearing before the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
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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]