More NewsDate for IFRS in the US two years away

Date for IFRS in the US two years away

SEC will not put forward a date for implementation of IFRS for at least two years

The Securities and Exchange
Commission
has refused to put a date on the implementation of international
accounting standards for at least two years.

The Commission’s chief accountant Conrad Hewitt said that the SEC will
propose a date for the go-ahead of IFRS for US public companies but that it
would not be confirmed for two years as a commission examined whether key
milestones had been met.

Hewitt’s comments were made at a joint meeting of the
Financial Accounting Standards
Board
and the Financial Accounting Standards Advisory Council this week.

The move should give US companies plenty of leeway to prepare for the
implementation and with SEC chairman Christopher Cox favouring a staged
implementation, the pressure is off – for now.

Further reading:

IFRS in the US will trigger
audit growth

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