The explanation is pure gold, really. I will have to review my tape on all SEC Chief Accountant Paul Beswick said this morning from this conference but according to the Journal of Accountancy, he said this:
Rule-making duties related to federal legislation have prevented the SEC from devoting time to deciding on the future of IFRS in the United States, SEC Chief Accountant Paul Beswick said Monday.
“I think from my perspective, everyone in the commission thinks about the decision on IFRS and what the next steps are and thinks it’s very important,” Beswick said during the AICPA Conference on Current SEC and PCAOB Developments. “What many people have to realize is, with the passage of Dodd-Frank and the JOBS Act, the commission had a number of issues that were presented that were very complex and taking a lot of time.”
Forgive me, the only part I caught from his talk was where he said speakers should have awesome music cued when they walk up on the stage, like Metallica's "Enter Sandman," and then as he left the stage, Enter Sandman actually came on. Yeah, that happened.
Metallica has nothing to do with IFRS, I just thought it would be a good tie in. Just like Beswick thought the regulatory burden of Dodd-Frank and the JOBS Act would be a good CYA to explain why we've made so little progress on convergadoption of international financial accounting standards since the SEC first announced they were headed that direction FIVE years ago.
It's cool, we'll be here when you guys are ready to get on that.