SEC roundtable discussions on IFRSs
11 Jul 2011
The SEC held roundtable discussions with representatives from investors, smaller public companies, and regulators to discuss benefits and challenges related to potentially incorporating IFRSs in the United States financial reporting system.
The smaller public companies panelists were concern about the lack of resources and the potential implementation costs. Some panelists viewed little or no benefits of implementing IFRSs. The panelists mostly supported a "big bang approach" versus a staggered approach for incorporating IFRSs into the U.S. system. A staggered transition was perceived as more costly. They also stressed the importance of the FASB and IASB completing its current convergence projects before the SEC sets the date for IFRS incorporation.
The regulatory panelists discussed the current use of U.S. GAAP financial information in the various regulatory activities they undertake, the steps required and potential timing to make changes in regulations, and costs and benefits of potential IFRS incorporation. The panelists believe that sufficient time should be provided for the transition to IFRS and that the needs of U.S. investors should be carefully considered.
Click for:
- Deloitte Accounting Journal — SEC Holds Roundtable Discussions on IFRSs (PDF 30k)
- Investors Defend FASB Role on IFRS (link to CFO.com website)