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SEC to consider use of IFRSs by domestic US registrants in IQ 2008

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15 Jun 2008

In a speech at a conference sponsored by the Chartered Financial Analysts Institute, US Securities and Exchange Commission Chairman Christopher Cox announced that the SEC expects to propose rules, some time in the third quarter of 2008, concerning the use of International Financial Reporting Standards by domestic US SEC registrants.

Chairman Cox made that comment in an address titled Disclosure from the User's Perspective (PDF 74k). He also announced the Commission's plans to modernise its oil and gas accounting and disclosure requirements, and he enumerated a wide range of issues that the SEC will be considering in the next several months. Here are two excerpts from Chairman Cox's remarks:

Use of IFRSs in the United States The support that you've shown for the implementation of interactive data reporting not only in the United States but around the world has been matched by your consistent support for the international convergence of accounting standards, in particular US GAAP and IFRS. You have been supportive of our decision to eliminate the reconciliation to US GAAP for financial statements prepared using IFRS, and you have offered helpful insights on our Concept Release on whether, and under what circumstances, US issuers should be allowed to prepare their financial statements using IFRS. That's a vitally important topic the Commission is scheduled to take up in the form of a proposed rulemaking later this summer.

Oil and gas reserve accounting and disclosure Early this summer, we also expect to propose amendments to our oil and gas reserve accounting and disclosure requirements, to reflect technological changes in the substantiation of proven reserves.

 

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