FASB warily welcomes SEC's IFRS roadmap plan

US standard setters have given a wary welcome to proposals to study the
implications of implementing IFRS for US-listed companies.

The Financial Accounting Standards Board and parent body the Financial
Accounting Foundation support plans to study the implications of IFRS
implantation for investors and companies affected. It would consider whether
IFRS should just be adopted straight-up rather than converge over a longer
period of time with US GAAP, reported
WebCPA.

However FASB and FAF have called for an advisory committee with a broad base
of stakeholders, which, if it agrees to implement IFRS, would take charge of the
transition plan.

The bodies also said that a monitoring group should be introduced to make
sure the international standard setter, the IASB, can be governed to maintain
its independence and best serve investors.

They also disagreed with the SEC’s proposal for limited early use of IFRS in
certain circumstances.

Further reading:

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