THE LONG-AWAITED decision on when, or if, the US will adopt IFRS will not be fulfilled anytime soon, according to the country's financial watchdog.
Return To View More News...
The US Securities and Exchange Commission (SEC) has failed to end speculation about conforming to global reporting standards, and when, as its final staff report on its IFRS workplan will not contain any recommendation on whether to move from US GAAP accounting to international reporting rules.
SEC spokesman John Nestor said: "Staff have been working on a report and separately developing a recommendation. The report is nearing completion but staff have not established a timetable for completing a recommendation."
The lack of a definite timeline on when a decision will be made by US regulators bears out fears expressed earlier this year by Hans Hoogervorst, chairman of the IASB, architects of the global standard, that the process of replacing US GAAP with international accounting rules could feel like "Chinese water torture".
View Entire Story