PracticeAuditSEC mulls IFRS for non-US firms

SEC mulls IFRS for non-US firms

IFRS may replace GAAP for non-US firms operating in the US

The SEC is considering scraping the use
of generally accepted accounting principles
(GAAP) for non-US companies and
replacing it with international standards.

Marketwatch reported SEC chief
accountant Donald Nicolaisen as saying ‘International accounting standards are
here to stay’ and will be the norm in the future, following a roundtable
discussion in Washington.

According to the report, ‘several experts’ are urging the SEC to do just that
as quickly as possible.

Nicolaisen has lent his support to eliminating a requirement that foreign
firms whose securities trade in the US reconcile their financial results to meet
US GAAP.

‘I really would encourage the Commission to think about eliminating it
earlier than 2009,’ said Nicolaisen.

Further reading:

Our principles are being eroded

SEC announces roundtable for IFRS ‘roadmap’

Bush admits Sarbox damage

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