Cynthia Fornelli & Co. appreciate the effort by the SEC but would have appreciated a little bit of cuddling:
“The SEC staff is to be commended for completing its Work Plan on international financial reporting standards (IFRS). While staff recommendations of specific approaches or dates for the possible incorporation of IFRS into the U.S. financial reporting system was beyond the scope of the staff’s Work Plan, we hope the information in the report will facilitate an SEC determination on incorporation of IFRS in the near future. The CAQ remains supportive of the adoption and universal application of a single set of high quality global accounting standards. IFRS are best positioned to be that single set of standards.”
Global Reporting Standards are gaining popularity among investors and finance executives, according to a new report by ACCA. Around 170 senior executives and investors were questioned. More than 40% said international financial reporting standards improve access to capital, while around 25% believe the global standards have lowered capital costs. ACCA chief executive Helen Brand said: “Growing support amongst CFOs and investors for [IFRS] must be considered carefully” by US regulator the SEC as it debates converging US GAAP with international standards. “We believe a positive answer from the SEC would give a tremendous boost to the cause of financial reporting and more importantly the world economy.” [
“It is my strong conviction that the momentum behind IFRS is so strong right now it can only be delayed but it cannot be stopped any more,” IASB’s chairman Hans Hoogervorst said.