RegulationAccounting StandardsCFOs urge SEC to abandon IFRS proposal

CFOs urge SEC to abandon IFRS proposal

Schapiro pressed to drop financial reporting roadmap

Chief financial officers are pushing for new chair of the Securities and
Exchange Commission, Mary Schapiro, to drop the much-anticipated IFRS project.

The move comes just eight months after former SEC chairman, Christopher Cox,
proposed to move all publicly traded US companies to international financial
reporting standards by 2016, according to
cfo.com

The roadmap was first proposed by Cox just before the Lehman Brothers
collapse in September last year, but details of the plan weren’t formally
released until last November.

Almost 40 finance executives who have commented on the SEC’s IFRS proposal
are concerned about the the cost of switching accounting systems.

Patrick Mulva, controller for ExxonMobil, said: ‘Conversion to IFRS could
lead to confusion and reduced marketplace confidence in financial statements at
a time when confidence in the US financial markets is already low.’

William Stocker, an audit and accounting partner at Marks Paneth & Shron
said: ‘I don’t get the impression that the new administration has made IFRS a
priority in the same way the last administration did.’

Further Reading:

ICAEW:
global accounting rules needed for financial crisis

PCAOB
searching UK for new recruits

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