The Securities and Exchange Commission voted unanimously to issue a statement affirming support for a single set of high-quality globally accepted accounting standards and ongoing consideration of incorporating International Financial Reporting Standards 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. In the commission’s vote Wednesday, the SEC reiterated its cautious support for IFRS, contingent 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.
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