As you likely know, when James Schnurr took the reigns of OCA Chair White asked him to address IFRS. She asked Mr. Schnurr to review the staff’s IFRS work to date and develop a recommendation about “what action, if any, the Commission should take regarding the further incorporation of IFRS into the U.S. capital markets”.
Mr. Schnurr discussed the progress of this review in a May speech. In his remarks he said:
“Some of the key themes we heard from our discussions were as follows:
There is virtually no support to have the SEC mandate IFRS for all registrants.
There is little support for the SEC to provide an option allowing domestic companies to prepare their financial statements under IFRS.
There is continued support for the objective of a single set of high–quality, globally accepted accounting standards.”
He also said he would work to finish his recommendation in the “near term”.
You can read the speech at:
As always, your thoughts and comments are appreciated!