SEC to prioritise IFRS

Scheduling the implementation of International Financial Reporting Standards is to be one of the top priorities for SU financial watchdog the Securities and Exchange Commission.

The SEC has been developing a schedule for companies to move from the US Generally Accepted Accounting Principles (GAAP) to IFRS.

The SEC, which has been working with just three commissioners since February, will be replacing the two who have left in the next few weeks.

John White, the SEC's head of corporation finance, announced that once the full team was together IFRS implementation would be one of its top priorities.

'There are a couple of issues that would be high on the list and this is one of them', said White.

White added that he did not expect to unveil scheduling until the SEC had the full five members, but added that if they were not appointed before the end of the year, he would unveil implementation plans as he wanted to achieve this while still under the Bush administration.