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SEC remains committed to convergence in general

  • SEC (US Securities and Exchange Commission) (dark gray) Image

05 Feb 2014

The United States Securities and Exchange Commission (SEC) has published a draft Strategic Plan for the 2014-2018 period. As in earlier strategic plans, global convergence of accounting standards and the globalisation of capital markets are noted among the initiatives designed to support the primary strategic goals, this time however without expressly mentioning the IASB/FASB convergence programme or a possible adoption of IFRSs.

The draft plan outlines the following in respect of accounting standards:

The SEC will continue to promote the establishment of high-quality accounting standards by independent standard setters in order to meet the needs of investors. [...] Due to the increasingly global nature of the capital markets, the agency will work to promote higher quality financial reporting worldwide and will consider, among other things, whether a single set of high-quality global accounting standards is achievable.

In a similar vein, US representatives (including SEC representatives) at the United States - European Union Financial Markets Regulatory Dialogue (FMRD) held on 30 January 2014 in Washington had stressed the need for general convergence of accounting standards. The joint statement published after the meeting notes:

On accounting, participants noted with concern delays on the convergence of accounting standards and reiterated their commitment to convergence on high quality accounting standards. In this regard, they will take stock of progress made on convergence at the next FMRD in July 2014. Participants also will continue their efforts to ensure consistent application of accounting.

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