The Securities and Exchange Commission has affirmed its support for a single set of global accounting standards and says its staff will put together a work plan examining the issues involved in adopting International Financial Reporting Standards (IFRS) in the U.S.
In a statement issued Wednesday, the SEC also said it will decide next year whether to adopt IFRS for U.S. financial reporting. That 2011 date is the timeframe originally set for that decision in the roadmap the agency issued in 2008 under former chairman Christopher Cox.
Over the last year, as Mary Schapiro succeeded Cox as the agency's chairman, there have been some doubts about the SEC's commitment to IFRS, says D.J. Gannon, leader of Deloitte's IFRS Center of Excellence. "This action actually puts this commission on record as supporting the notion of a single global standard."
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
