Monday, 16 July 2012

USA: IFRS adoption - SEC final staff report published (but no final recommendation)

The SEC has published a final report as part of work exploring the impact of incorporating IFRS into the financial reporting system for US issuers: see here (pdf). The SEC states that the report's publication should not be taken to imply that a decision has been made about the adoption of IFRS. The chief executive of the UK's Financial Reporting Council, Stephen Hadrill, has commented: "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".

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