FASB warily welcomes SEC's IFRS roadmap plan

US standard setters have given a wary welcome to proposals to study the implications of implementing IFRS for US-listed companies.

The Financial Accounting Standards Board and parent body the Financial Accounting Foundation support plans to study the implications of IFRS implantation for investors and companies affected. It would consider whether IFRS should just be adopted straight-up rather than converge over a longer period of time with US GAAP, reported WebCPA.

However FASB and FAF have called for an advisory committee with a broad base of stakeholders, which, if it agrees to implement IFRS, would take charge of the transition plan.

The bodies also said that a monitoring group should be introduced to make sure the international standard setter, the IASB, can be governed to maintain its independence and best serve investors.

They also disagreed with the SEC's proposal for limited early use of IFRS in certain circumstances.

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