The SEC's Chief Accountant, Jim Kroeker, told an AICPA conference on Dec. 5, 2011 that the SEC staff's report on International Financial Reporting Standards, completing the SEC Staff's Work Plan requested by the Commissioners to inform their decision on whether to permit or require public companies to report to the Commission using IFRS instead of U.S. Generally Accepted Accounting Principles, will take 'a few additional months."
The remaining SEC staff report on IFRS, referenced by Kroeker, is the third in a series of reports that were anticipated for issuance, noted by Kroeker at FEI's Current Financial Reporting Issues Conference in November, The first two of those reports were recently issued, as noted in this FEI Summary.
Other topics addressed in Kroeker's speech included:
- Registrant consultations with the Office of the Chief Accountant
- Global accounting standards, including the status of convergence projects between FASB and the IASB, and the point noted above regarding the timeline of SEC's decision moving out at least a few additional months. (My two cents - see disclaimer posted on the right side of this blog
- I say 'at least,' a few additional months, because the SEC staff not only has to deliver its report to the Commission (which Kroeker specified would take 'a few additional months,' but the Commission may also need additional time tostudy the report and they may decide to wait for certain convergence projects to reach certain stages.)
- The SEC's Financial Reporting Series, including the first installment held in November
- The auditing profession, including the quality of audits, skill sets, supervision and standards, and
- Audit committees.
Read the Chief Accountant's speech.
FASB Chairman's Speech
As we previously reported, the FASB's parent organization, the Financial Accounting Foundation, recently filed a comment letter with the SEC on the SEC's proposed 'condorsement' approach outlined in an SEC staff paper published in May.
FASB Chairman Leslie Seidman, speaking at the same AICPA conference, detailed the status of convergence efforts and thoughts on FASB's future role, pending the SEC's decision. See the FASB Chairman's speech.
Seidman also addressed the status of the FAF's proposal on standard-setting for private companies, as well as recent FASB efforts in this regard.
MORE SEC STAFF SPEECHES
In addition to the Chief Accountant, numerous other staff members of the SEC's Office of the Chief Accountant, Division of Corporation Finance and Division of Enforcement spoke at the AICPA conference. Staff speeches can be found on the SEC website