US consults on international accounting standards

THE US SECURITIES and Exchange Commission is to hold a roundtable discussion on International Financial Reporting Standards in July.

Representatives from regulators, investors and smaller public companies will be present, and discussions will cover the impact of adoption on businesses and the regulatory environment.

SEC chief accountant James Kroeker said all parties must “carefully consider and deliberate” whether convergence is in the best interests of investors and markets.

The International Accounting Standards Board recently announced it will miss its June deadline for finalising the global rules, saying the outstanding projects should be completed by the end of 2011.

Chairman David Tweedie said: “The June target has helped us to get there but at the same time it is clear that we need a little more time to check the conclusions, and to ensure that the standards are of the highest quality.”

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Fiona Westwood of Smith and Williamson.