US decision on IFRS delayed ‘for at least a few months’

THE US has delayed a decision on global accounting standards until early next year at least, blaming a packed agenda for the tardy announcement.

James Kroeker, chief accountant at US regulator the SEC, told a conference hosted by US institute the AICPA, but an official memo has not yet been issued.

The SEC’s original deadline was late 2011, but international financial reporting standards have proven incredibly divisive, with a huge number of domestic companies up in arms about the perceived cost and complexity of adopting the global standards.

One US expert close to the regulator told Accountancy Age he “wouldn’t be surprised if the SEC decided to let the deadline pass without saying anything”, but experts in the UK widely expected some kind of announcement.

More to follow.

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Fiona Westwood of Smith and Williamson.