The Securities and Exchange Commission’s 13 July 2012 ”Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers” is here.
The Financial Reporting Council’s response expresses its disappointment at the SEC’s decision:
“We have all followed the SEC’s work on determining whether, when and how to move to a system incorporating International Financial Reporting Standards for a long time. It is disappointing that transition is not yet clearly recommended. It is imperative that this is not allowed to affect the continued development of high quality global standards. Now that the era of convergence is coming to an end we urge the IASB to make the highest quality of the standards its principal objective.”
The IASB’s response is here:
“While recognising the right of the SEC to determine the method and timing for incorporation of IFRSs in the United States, we regret that the staff report is not accompanied by a recommended action plan for the SEC. Given the achievements of the convergence programme inspired by repeated calls of the G20 for global accounting standards, a clear action plan would be welcome.
For the benefit of both US and international stakeholders, the Trustees look forward to the SEC resolving the continued uncertainty regarding the US’s commitment to global accounting standards.”
See also: Reporting convergence: Frayed but not unravelling - Accountancy Age
