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US SEC report on IFRS due 'within weeks'

29 May 2012

United States Securities Exchange Commission Commissioner Elisse B. Walter has recently given a speech announcing that the "staff expects to publish its final report under the Work Plan in a matter of weeks", after which the SEC will "consider the next steps" on the question of the possible adoption of IFRS in the United States.

The personal remarks were made at the United States Financial Accounting Foundation's 2012 Annual Board of Trustees Dinner, held on 22 May 2012, but did not provide any further level of detail on the exact nature of the "next steps".

Ms. Walter did however, comment that it was"critical that the FASB and the IASB continue to make satisfactory progress on the major convergence projects" and that "a robust IFRS interpretive process and rigorous, coordinated application and enforcement of IFRS" was essential.

Commenting further on the involvement of the United States in the global standard-setting process, Ms Walter noted:

 

Everyone is asking whether, and when, the U.S. will incorporate IFRS. We should also be asking how the U.S. should continue its participation in the development of global accounting standards.

On that front, my view is that any decision to incorporate IFRS should include the FASB determining to endorse newly issued IFRS standards following a robust due process by the IASB that appropriately considers the U.S. perspective.

The FASB is best positioned to represent the U.S. interest in the IASB standard setting process and, thus, I believe it is critical for the FASB to play a substantial role throughout that process.

The full text of the speech is available on the SEC's website.