(wire)
SEC approves accounting standards
The Securities and Exchange Commission (SEC) voted unanimously in support of a single set of high-quality globally accepted accounting standards and ongoing consideration of incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.
Accounting firms and companies have been eagerly awaiting approval of the proposed roadmap that the SEC issued in 2008 for transitioning from U.S. GAAP to IFRS.
The SEC also noted that its support of the IFRS is dependent upon reaching a number of milestones, including convergence of U.S. GAAP with IFRS and improved governance of the International Accounting Standards Board.
The SEC staff has developed a detailed work plan that will be followed by standard-setters such as the Financial Accounting Standards Board in its work with the IASB. The staff will report back regularly to the commissioners on their progress, and a decision will be made in 2011 on whether to move forward on incorporating IFRS into the U.S. financial reporting system.
Accounting firms and companies have been eagerly awaiting approval of the proposed roadmap that the SEC issued in 2008 for transitioning from U.S. GAAP to IFRS.
The SEC also noted that its support of the IFRS is dependent upon reaching a number of milestones, including convergence of U.S. GAAP with IFRS and improved governance of the International Accounting Standards Board.
The SEC staff has developed a detailed work plan that will be followed by standard-setters such as the Financial Accounting Standards Board in its work with the IASB. The staff will report back regularly to the commissioners on their progress, and a decision will be made in 2011 on whether to move forward on incorporating IFRS into the U.S. financial reporting system.
