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SEC speeches on IFRSs at the annual AICPA conference

  • US GAAP - Speech Image
  • United States Image

Dec 09, 2015

On December 9, 2015, representatives of the Securities and Exchange Commission (SEC) spoke at surprising length about IFRS in the United States at the 2015 American Institute of Certified Public Accountants (AICPA) Conference on Current SEC and PCAOB Developments.

SEC Chair Mary Jo White delivered the keynote address and commented on the recommendation related to IFRS supplemental information introduced by SEC Chief Accountant Jim Schnurr at the same conference a year ago. She added: "This proposal has the potential to be a useful next step, and the staff has now developed a recommendation for the Commission’s consideration, which staff will be discussing with all of the Commissioners so that we can determine the path forward."

SEC Chief Accountant James V. Schnurr confirmed that "[t]he staff will be in discussions with the Commissioners regarding certain regulatory changes that would facilitate the ability of domestic issuers to provide IFRS-based information as a supplement to US GAAP financial statements". He also encouraged IASB and FASB to continue their work on convergence and added: "In my view, continued collaboration is the only realistic path to further the objective of a single set of high-quality, global accounting standards."

Deputy Chief Accountant Julie A. Erhardt gave the only speech that was entirely focused on the U.S. engagement with IFRSs and on the goal of a single set of high-quality global accounting standards. In addition to pointing out the shared origins, shared knowledge, and shared benefits of international accounting she also commented on the overseas perception of developments in the US. Referencing back to the comments made by Chair White and Chief Accountant Schnurr she also hints that a statement on the future of IFRS in the United States might provide some reassurance in this regard:

Please click for access to all transcripts of all speeches cited on the SEC's Web site:

You can also access all SEC speeches given at the conference (including many that are not IFRS related) through the constantly updated SEC page with speeches by the Chair, Commissioners, and staff.

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