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UK FRC encourages SEC to allow IFRSs

  • IFRSs in the USA Image

30 Apr 2009

The United Kingdom Financial Reporting Council (FRC), the UK's independent financial reporting regulator, has responded to the US Securities and Exchange Commission (SEC) on its proposed Roadmap on the use of International Financial Reporting Standards (IFRS) by US companies.

The FRC encourages the SEC to permit US issuers who can demonstrate their competence in IFRS to be able to adopt IFRS in place of US Generally Accepted Accounting Principles (GAAP). The FRC also encourages the SEC to clarify that US companies that do adopt IFRS will not be at risk of being required to return to US GAAP at a later date if the SEC decides not to mandate IFRS for all US companies. The FRC's response also encourages the IASB and the US FASB to continue to work together but notes that the focus should be on achieving improvements in financial reporting, whether under US GAAP or IFRS, rather than convergence of IFRS and US GAAP as a goal in itself. Click for:

 

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