SEC considers reaffirming commitment to global standards

The US securities regulator is considering issuing another statement of
commitment in support of international accounting rules.

The US Securities and Exchanges Commission (SEC) has
a meeting
to debate “whether to publish a statement regarding its continued
support for a single-set of high-quality globally accepted accounting standards
” according to a statement on their website.

If published, it will be the second statement issued by the commission
November 2009
, when SEC chairman Mary Schapiro said she was “greatly
encouraged by the commitment of the IASB and the FASB to provide greater
transparency to the standard setting process and their convergence efforts”.

Another statement, while indicating the direction of travel under Schapiro,
will still fall well short of a firm timetable for the rollout to international
standards in the US.

The SEC continues to deliberate on an adoption roadmap, leaving US and
international standard setters with no firm plan indicating how or when
international standards will be adopted in the US.

Meanwhile the US Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board (IASB) are meeting monthly to converge
their two accounting codes, following calls from the G20, the Financial Crisis
Advisory Group and the Basel Committee on Banking Supervision.

However, it will be left to the SEC to decide when or if US companies take on
the international standards.

Read the
SEC statement

Related reading

Fiona Westwood of Smith and Williamson.