SEC to assess IFRS performance during credit crunch

The US Securities and Exchange
is to explore the performance of international accounting
standards during the credit crunch as it continues its moves towards adoption of
the standards.

The financial watchdog will host a roundtable next Monday (4 August) that
aims to analyse how IFRS performed in relation to US GAAP during the subprime

‘This roundtable will provide the Commission with valuable insights from
investors, issuers, auditors, and others about the way that both IFRS and US
GAAP performed in the context of the current pressures on the marketplace,’ said
SEC Chairman Christopher Cox. ‘We are particularly interested in how the two
sets of standards dealt with the key accounting issues in the subprime crisis,
including off-balance sheet entities and fair value.’

Alongside investors, issuers and auditors, representatives of both the
Financial Accounting Standards Board and the International Accounting standards
Board will also be present.

Further reading:

off-balance sheet rule changes won’t create shocks

policy-makers back IFRS

Related reading

Fiona Westwood of Smith and Williamson.