PracticeAccounting FirmsSEC roundtables on US changeover to IFRS

SEC roundtables on US changeover to IFRS

Accounting firms will participate in roundtable discussions on changeover to IFRS by US companies

Executives from BDO Seidman, Deloitte & Touche and PricewaterhouseCoopers
will participate in two roundtable discussions in Washington DC, starting later
today, held by the
Securities &
Exchange Commission
(SEC) on the use of International Financial Reporting
Standards (IFRS) by US and foreign companies.

Last month SEC dropped the rule requiring offshore companies listed in the US
to reconcile their accounting with US generally accepted accounting principles
(GAAP) in an effort to adopt a single set of global accounting standards.

The change has been criticised as premature by several US lawmakers and
investor advocates, who argue it will result in less information available to
investors.

The first roundtable will discuss the impact of allowing foreign companies to
use IFRS while denying US companies the same choice. The second roundtable
tomorrow will focus on practical issues surrounding the use of IFRS by US
companies.

Further reading:

Ex-SEC chief: Disclose more but leave accounting rules
alone

SEC scraps IFRS-GAAP reconciliation rule

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