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

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

23h Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

6d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter