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SEC Staff Issue Reports Comparing U.S. GAAP and IFRS, Analyzing IFRS in Practice

This afternoon, the SEC staff published the two reports which SEC Chief Accountant Jim Kroeker told FEI's CFRI conference earlier this week were coming out in the 'very near term':

SEC Staff Paper: A Comparison of U.S. GAAP and IFRS, and

SEC Staff Paper: An Analysis of IFRS in Practice.

Props to Michael Cohn of AccountingTODAY who reported on this development; his article was circulated by former SEC Chief Accountant Lynn E. Turner to his listserve of 'inquiring minds.'

Still to come: the SEC staff's 'comprehensive report' on all areas they were asked to study by the Commissioners, under the work  plan for global accounting standards, and ultimately, the SEC Commissioner's decision as to what they decide to permit or require regarding IFRS reporting by U.S. public companies, and a related transition timetable as applicable.  

Accounting and SEC reporting groupies and others are, as noted by IASB Vice Chairman Ian MacIntosh in remarks at FEI CFRI - as quoted by Matt Kelly of ComplianceWeek, -  "waiting for" the SEC's decision on IFRS "with bated breath." The SEC has previously announced it will reach some type of decision on IFRS this year. Read more in our previous posts: SEC's Kroeker Questions IFRS 'Option' as an Option, Staff Reports on IFRS Coming; and FAF Letter Supports Incorporation of IFRS Into U.S. GAAP -With Goal of 'Common Set' of Standards for Foreseeable Future; Suggests Refinements To SEC Staff's 'Condorsement' Approach
Posted: 11/17/2011 4:29:34 PM by Edith Orenstein | with 0 comments

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