IFRS championed by SEC commissioner

INTERNATIONAL FINANCIAL Reporting Standards have received a strong boost from a prominent figure at US regulator the Securities and Exchange Commission.

SEC commissioner Kathleen Casey said the body “can no longer kick the can down the road” and “must decide to incorporate IFRS for US issuers,” the Journal of Accountancy reported.

One of five commissioners due to vote on US adoption of IFRS later this year, she told the Society of Corporate Secretaries and Governance Professionals’ 65th Annual Conference that US “involvement and leadership” is essential for global unity in IFRS.

Casey argued that greater US involvement with the standards will boost comparability between US GAAP and IFRS, concluding: “Our global leadership still matters greatly. I hope we rise to the challenge and continue to lead.”

The longest serving of the five commissioners, Casey’s term will expire this year; whether this comes before or after the crucial vote could have huge implications for the adoption of IFRS in the US.

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