Comments from the representative of the US SEC

Date recorded:

Mr Paul Beswick, Acting Chief Accountant of the US SEC, noted that since the publication in July 2012 of the SEC Staff Report on the Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers the SEC staff had continued its activities, outreach, etc on IFRSs in the US. However, given the US presidential election and ‘other priorities’ in Washington (primarily, the regulation of money market funds), it was unlikely that the SEC would return to the topic of domestic use of IFRSs until early 2013.  He noted that the Staff Report had noted many challenges to adopting IFRSs – admitting that these challenges had also be faced and addressed by other IFRS adopting jurisdictions – and that the SEC Staff continued to receive healthy feedback from constituents on both sides of the adoption debate.

Mr Beswick reiterated that the timing delays experienced in this project were a ‘practical reality’ of dealing with the US capital markets. He also stressed that the SEC supported the work of the IASB and their efforts towards developing a single set of global financial reporting standards.

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