SEC concept release on use of IFRSs by US companies

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12 Aug 2007

The US Securities and Exchange Commission has published a Concept Release to obtain information about the extent and nature of the public's interest in allowing US issuers, including investment companies subject to the Investment Company Act of 1940, to prepare financial statements in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board for purposes of complying with the rules and regulations of the Commission.

US issuers presently prepare their financial statements in accordance with generally accepted accounting principles as used in the United States, referred to as US GAAP. The release includes 35 specific questions to which the SEC seeks responses. The SEC requests comments by 13 November 2007. Click for Concept Release (PDF 571k).

TABLE OF CONTENTS OF THE SEC'S CONCEPT RELEASE
  • I. Introduction
  • II. The Effect of IFRS on the US Public Capital Market
    • A. Financial Reporting in the United States
    • B. Financial Reporting Outside the United States
    • C. The Possible Use of IFRS by U.S. Issuers
    • D. Convergence of IFRS and U.S. GAAP
  • III. Global Accounting Standards
    • A. The Case for a Single Set of Globally Accepted Accounting Standards
    • B. The International Accounting Standard Setter
    • C. The Commission's Previous Consideration of International Accounting Standards
  • IV. IFRS Implementation Matters for US Issuers
    • A. Education and Training
    • B. Application in Practice
    • C. Auditing
    • D. Regulation
    • E. Integration with the Commission's Existing Requirements
    • F. Transition and Timing
  • V. General Request for Comments

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