RegulationAccounting StandardsSEC calls on US companies to mull IFRS

SEC calls on US companies to mull IFRS

SEC takes key step towards IFRS adoption by announcing that it will be polling US companies on a move to the principles-based standards

US companies will be taking a key vote on IFRS implementation, the SEC has
announced.

The financial watchdog said that it would be issuing a paper asking for
comment from US-quoted companies in the near future.

The SEC’s move represents another significant step towards convergence
after a lengthy period of effort. 

Conrad Hewitt, the SEC’s chief accountant said: ‘I think it is the
appropriate time for the commission to ask investors, issuers, auditors and
other market participants to provide their views on the concept of US issuers
using IFRS in preparing their financial statements. We have gotten to this point
by virtue of the work of both the commission and many other parties over the
years to reduce disparity within the accounting and disclosure practices of the
US and other countries, work that will continue.’

The comment period extends for 90 days after the concept release is
published, the SEC added.

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