AICPA's SEC/PCAOB conference

  • AICPA (American Institute of CPAs) (lt green) Image

08 Dec 2009

The American Institute of CPAs is holding its 37th Annual National Conference on Current SEC and PCAOB Developments in Washington on 7-9 December 2009, simulcast in four other cities.

Securities and Exchange Commission Chief Accountant James L Kroeker spoke on 7 December 2009. His remarks covered the following broad topics:
  • Accounting standards convergence
  • Principles for addressing changes to accounting standards
  • Recent developments in accounting standards
  • PCAOB oversight
  • Municipal securities and the GASB.

Regarding the SEC's Proposed Roadmap for the potential use of IFRSs by domestic US registrants (issued for comment November 2008), Mr Kroeker said that the Commission continues to study the issues raised in letters comment. He did not indicate a timetable for completion of that review. Click here for Mr Kroeker's Remarks (PDF 48k). Excerpts relating to the SEC's roadmap are below.


Just over a year ago, in a proposed 'roadmap', the Commission sought public comment on a proposed approach with respect to a possible path to greater use of IFRS in the US and suggested a number of milestones that the Commission might consider as important in making that evaluation. That public comment period ended in April of this year, and the staff has spent considerable time over these last few months focusing our attention on the very insightful input we received through that comment process, as well as evaluating potential courses of action....

While there are a number of operational, structural and transitional challenges that must be addressed, I believe the fundamental focus of our evaluation of implementing a set of high quality international standards must be on the impact to investors. I believe that implementing a single set of global accounting standards for US issuers can, and must, be done only in a manner that is beneficial to US capital markets and consistent with the SEC's mission of protecting investors. As we continue to evaluate such a monumentally important initiative, I believe we must carefully consider and fully understand and address issues, such as:

  • US Investor understanding of and perspectives on IFRS;
  • The development and application of IFRS for use as the single set of globally accepted accounting standards for US issuers;
  • The impact on the US regulatory environment;
  • Preparer considerations, including, among other matters, changes to accounting systems, changes to contractual agreements, corporate governance considerations, and litigation contingencies;
  • Human capital readiness; and
  • The role of the FASB in achieving the goal of a single global standard.



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