Updates

 

SEC

Global Comparability in Accounting Standards May Require New Approaches
January 10, 2012 - Speaking at a conference of the New York Society of Security Analysts, FASB Chairman Leslie Seidman and IASB Chairman Hans Hoogervorst reaffirmed their commitment to working together to bring about convergence. (Journal of Accountancy)
Global Accounting Standards Moving Ahead, Despite Absence of SEC’s Expressed Commitment
December 17, 2012 - New Accounting Standards Advisory Forum offers a means for IASB and countries that have already fully adopted IFRS to focus on continuing progress, rather than on waiting for the U.S.’s decision. (CFO.com)
Response to US SEC publication of staff report on IFRS
The Trustees of the IFRS Foundation note the publication of a staff report representing the final element of a Work Plan developed by the staff of the US Securities and Exchange Commission (IFRS.org)
SEC Staff Publishes Final Report on Work Plan for Global Accounting Standards
Washington, D.C., July 13, 2012 – The Securities and Exchange Commission’s Office of the Chief Accountant today published its final staff report on the Work Plan related to global accounting standards. (SEC.gov)
IASB Critical of SEC’s Delay Regarding Adoption of IFRS
In the article, Michel Prada, Chairman, IASB oversight body, expresses regret that the recently-released SEC report purposely omits any recommended action plan. (AccountancyAge)
IFRS Uncertainty Continues, Despite Upcoming SEC Report
In addition to reiterating the SEC’s recent decision to not include an IFRS implementation time line in its soon-to-be-released staff report, the article discusses the importance of the U.S.’s participation in global standards and the effect that its delay in doing so is having on the worldwide financial community. (CGMA Magazine)
SEC's Chief Schapiro Says the Commission Will Not Be Pressured Into Action That Is Not Right for U.S. Markets and U.S. Investors
Despite the continued suspense felt by over a hundred countries that currently utilize IFRS and are awaiting the U.S.'s adoption of them, as well as recent pressure being expressed by Michel Barnier, European Union Commissioner, Schapiro has indicated that the SEC will not make the final decision until the time is right. (Huffington Post)
IFRS Decision a "Few" Months Away, Based on SEC Staff Report Timeline
An SEC decision on the use of IFRS by U.S. public companies is still a "few" months away, SEC Chief Accountant James Kroeker indicated Monday. At an IFRS Advisory Council meeting in London, Kroeker declined to get more precise because he wants the SEC staff focused on completing a report on the issue rather than on a deadline. (Journal of Accountancy)
SEC's Kroeker Indicates IFRS Recommendation Could Be Close At Hand
At an advisory panel meeting in London on Monday, Mr. Kroeker suggested that the SEC will, within a few months, complete the Commission's recommendation to adopt the endorsement approach to IFRS implementation in the U. S. (The Wall Street Journal)
SEC's Full Adoption of IFRS and Disallowance of LIFO Deemed Unlikely
Although the dual issues of the SEC's delay in ruling on full-adoption of IFRS and the possible repeal of LIFO have existed for some time, Lee Schneider, Tax Counsel to The LIFO Coalition, indicates that it is possible that LIFO will remain a viable method, even though it may not be recognized by IFRS. (timesunion.com)
Changes Made by IFRS Foundation Monitoring Group Related to IASB Oversight May Influence SEC's Actions
The Monitoring Group has implemented changes, beginning in 2013, stipulating that only those entities that have mandated "domestic use of IFRSs in [their] jurisdiction's capital market" are eligible to provide oversight of the IASB. At present, the SEC has not met this requirement. (CFO.com)
IASB's Hoogervorst predicts SEC will adopt IFRS
In the Chairman's Moscow speech on Monday, January 23, he voiced his view that the SEC will ultimately adopt IFRS for U.S. issuers. In addition, he discussed the project timelines dealing with the leasing industry, classification and measurement of financial instruments, and insurance. (Journal of Accountancy)
SEC's Possible Issues for 2012
Companies will need to be mindful of the new year's items that are possibly on the Commission's agenda. Items are related to implementation of the Dodd-Frank Act; clarification of "clawback" rules; repair of the current shareholder proxy voting system; companies' responsibilities in certifying that certain products and processes are free of materials obtained from blacklisted countries; legislation related to the issue of "crowdfunding" of start-up companies; and the issue of IFRS adoption. (CFO.com)
SEC Won't Decide on IFRS for At Least a Few More Months
The SEC's decision on whether to incorporate IFRS for U.S. issuers is at least a few months away. SEC Chief Accountant James Kroeker said the SEC staff will need at least a few more months to produce a final report that would position the commission to make a determination on IFRS. (Journal of Accountancy)
See also: Remarks Before the 2011 AICPA National Conference on Current SEC and PCAOB Developments
SEC Releases Two IFRS Staff Papers
The first staff paper, "A Comparison of U.S. GAAP and IFRS," explores standard by standard how the two systems differ. It describes the status of the convergence efforts of the FASB and IASB in aligning various standards as part of their memorandum of understanding and outside the MoU.

The second paper, "An Analysis of IFRS in Practice," examines how a sampling of foreign companies have used IFRS in their filings with the SEC, and summarizes areas that drew comments from the SEC's Division of Corporate Finance as part of its disclosure review program.
SEC Staff Paper: Exploring a Possible Method of Incorporation of IFRS
May 26, 2011 - SEC staff issued a Staff Paper to outline a possible approach for incorporation of IFRS into the U.S. financial reporting system, if the Commission were to decide that incorporation of IFRS is in the best interest of U.S. investors. Feedback can be provided through the SEC website. Feedback would be most helpful if received before July 31, 2011. (SEC.gov)
SEC Announces Roundtable on International Financial Reporting Standards
April 20, 2011 - The Securities and Exchange Commission staff announced today that it will sponsor a roundtable in July to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers. (SEC.gov)
Schapiro, SEC Staff Want Companies to Have Ample Time for IFRS Adoption
December 6, 2010 - The SEC will allow public companies a minimum of four years to adjust if it decides to mandate the use of IFRS, SEC Chairman Mary Schapiro said Monday. (Journal of Accountancy)
SEC Progress Report on IFRS Work Plan
October 29, 2010 – The U.S. Securities and Exchange Commission (SEC) released a progress report today on its IFRS Work Plan. Completion of the Work Plan will help the SEC decide in 2011 as to whether, when, and how the current financial reporting system for U.S. issuers should be transitioned to a system incorporating International Financial Reporting Standards. (SEC.gov)
Notice of Solicitation of Public Comment on Consideration of Incorporating IFRS into the Financial Reporting System for U.S. Issuers
August 12, 2010 (SEC.gov)– The Securities and Exchange Commission is requesting public comment on behalf of the staff on multiple topics relating to its ongoing consideration of incorporating International Financial Reporting Standards (“IFRS”) into the financial reporting system for U.S. Issuers. The requests were issued in two separate releases: Release No. 33-9133 and Release No. 33-9134.
Spotlight on Work Plan for Global Accounting Standards
The U.S. Securities and Exchange Commission has long promoted the development of a single set of high-quality, globally accepted accounting standards and in February 2010 directed staff to develop and execute a Work Plan regarding this process. (SEC.gov)
Chairman Schapiro Statement on FASB-IASB Decision to Modify Timing of Certain Convergence Projects
June 3, 2010 - In response to modification of their timetable, SEC Chairman Mary L. Schapiro said, "The boards believe that the modified plan will contribute to increased quality in the standards because it provides additional time for stakeholders to thoroughly consider the proposals and give both boards quality feedback. I view this as time that is well invested.” (SEC.gov)
Video: SEC's Schapiro Speaks on IFRS
March 2, 2010 – Hear SEC Chairman Mary Schapiro’s February 24 remarks on the SEC’s IFRS proposal. (Journal of Accountancy)
No IFRS Requirement Until 2015 or Later Under New SEC Timeline
February 24, 2010 – The SEC unanimously approved on Wednesday a new timeline that envisions 2015 as the earliest possible date for the required use of IFRS by U.S. public companies. The SEC action calls for more study of IFRS and a 2011 vote on whether to move ahead with an IFRS mandate. (Journal of Accountancy)
SEC Approves Statement on Global Accounting Standards
February 24, 2010 – The Securities and Exchange Commission today voted to issue a statement that lays out its position regarding global accounting standards and makes clear that the Commission continues to believe that a single set of high-quality globally accepted accounting standards would benefit U.S investors. (SEC.gov)
Chief Accountant Answers Questions Regarding Roadmap and Convergence
February 18, 2009 – James L. Kroeker, Chief Accountant of the SEC, addresses work on the IFRS roadmap, accounting convergence and other matters in an interview with WebCPA. Regarding the SEC's proposed roadmap, he said "staff has been working on developing a work plan". He indicated that he is "hopeful" there will be public follow up "in early 2010".)
SEC Action on IFRS Could Come Early in 2010
December 9, 2009 – SEC Commissioner Elisse B. Walter on Wednesday said she expects the commission to "consider further action" on IFRS adoption early next year. (Journal of Accountancy)
SEC Chief Accountant Remains Mum on Specifics of Possible IFRS Adoption
December 7, 2009 – Those waiting for clarity from the SEC regarding its road map for adopting International Financial Reporting Standards in the U.S. are still waiting following a speech by the agency's chief accountant Monday. (Journal of Accountancy)
SEC Chief Accountant Promises "Clarity" on IFRS Road Map This Fall
October 30, 2009 - SEC Chief Accountant James Kroeker on Friday reconfirmed the SEC's commitment to provide clarity this fall on its proposed road map for the adoption of IFRS by U.S. public companies. The article includes a link to video highlights of Kroeker's speech. (Journal of Accountancy)
SEC Crafts Strategic Goals for 2010-2015
October 9, 2009 - The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010–2015, which includes, among other goals, a continued commitment "to promote the establishment of high-quality accounting standards by independent standard setters" and support for "a single set of high-quality global accounting standards." (Journal of Accountancy)
SEC Chairwoman Shapiro Supports International Standards
According to AccountancyAge, Mary Schapiro expressed her "commitment" to global accounting standards in a speech delivered to the International Organization of Securities Commissions in Basel, Switzerland.
IFRS on Schapiro's Agenda
September 18, 2009 - Dow Jones reports that SEC Chairwoman Mary Schapiro said, "It would be ideal if we can have a single set of high-quality accounting standards that worked globally." Speaking to an audience at Georgetown University, she also said, "I expect we will speak a little later this fall about what our expectations are with respect to IFRS." (NASDAQ.com)
Back to the Roadmap
September 17, 2009 – "Turning Back to the roadmap will be an important priority this fall", James Kroeker, SEC chief accountant, said in a conference sponsored by the New York State Society of CPAs. Comments received by the SEC on its roadmap reveal agreement that a single set of high quality global accounting standards is an important goal, although there is disagreement on how to get there. Reuters reports on Mr. Kroeker's speech.
Global Solutions Are Important
September 14, 2009 - Speaking at an AICPA bank industry conference, SEC Chief Accountant James Kroeker said the financial crisis has "highlighted for us the importance of global solutions". Regarding action on the IFRS roadmap proposal, he said, "It will certainly be a staff priority". Associated Press provides coverage of the conference.
Kroeker Named Chief Accountant at SEC
August 25, 2009 - SEC Chairwoman Mary Schapiro announced the appointment of James L. Kroeker as the Chief Accountant in the SEC's Office of Chief Accountant. Mr. Kroeker has served as Acting Chief Accountant since January 2009. CFO.com reports on the appointment. The SEC's press release can be viewed at the SEC's website.
SEC Focused on Other Matters
A year after the Committee on Improvements to Financial Reporting issued their report, the SEC has not addressed some of the more important recommendations from the advisory group, according to an article at CFO.com.
SEC Looking at Two Finalists for SEC Chief Accountant
July 30, 2009 – Bloomberg reports that SEC Chairwoman Mary Schapiro has two finalists in mind for chief accountant. James Kroeker has been acting chief since January. Jack Ciesielski, a Baltimore money manager, is the other finalist.
Public Comments on IFRS Roadmap
Public comments received by the SEC on its Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers can be viewed at the SEC's website.
SEC Spotlight on Global Accounting Standards
The SEC's webpage, Spotlight on Global Accounting Standards, includes links to the IFRS Roadmap for U.S. Issuers and other Commission actions relating to IFRS.  Also, included are transcripts from past round tables, SEC press releases, speeches and public statements.  Visit the SEC's website to learn more.
February 10, 2009
XBRL Rule Issued
The Securities and Exchange Commission issued its final rule requiring public companies to file their financial statements in interactive data format using the eXtensible Business Reporting Language (XBRL). The new rules will require the largest companies to use interactive data beginning with their quarterly June 2009 filings. The rules will be phased in over a three-year period. CFO.com writes about the new rule and says that some observers believe that XBRL will help move companies towards IFRS. View Final Rule
February 4, 2009
SEC Extends Comment Period on Proposed IFRS Roadmap
CFO.com reports that the SEC has extended the comment period for the IFRS Roadmap by an additional 60 days.  The new comment period ends April 20, 2009.
January 15, 2009
Mary Schapiro plans to back off on proposed IFRS roadmap
CFO.com reports that President-elect Barack Obama’s choice to chair the Securities and Exchange Commission says she has concerns about the proposed roadmap for the potential use of IFRS including the timeline, the independence of the International Accounting Standards Board, the quality of the rules and the cost of conversion. In Senate confirmation hearings, she said her immediate focus would be on regulatory gaps that contributed to the credit crisis.
December, 2008
SEC Study Says Improve, Do Not Suspend, Fair Value Accounting
The SEC released its congressionally mandated study on mark-to-market accounting. The report notes that investors generally believe fair value accounting increases transparency. The report also observes that fair value accounting did not appear to play a meaningful role in bank failures that occurred in 2008.
December, 2008
U.S. SEC Releases Final Rule Mandating Companies
to Report Financial Statements Using XBRL, Interactive Data Format
The U.S. Securities and Exchange Commission approved final rules, which require companies to submit Financial Statements in XBRL format with their SEC filings. The new rules will require the largest companies to use interactive data beginning with their quarterly June 2009 filings. The rules will be phased in over a three-year period.
November 24, 2008
IOSCO launches three task forces to support G20 aims.
November 24, 2008 - The International Organization of Securities Commissions Technical Committee met to craft a detailed work program to address continuing market turmoil. The three tasks forces formed during the meeting will address short selling, unregulated financial markets and products and unregulated financial entities.
November 16, 2008
SEC Road Map for Transition to IFRS Available
November 16, 2008 - The SEC released its road map for the transition by U.S. public companies to the use of International Financial Reporting Standards (IFRS). The Journal of Accountancy summarized important details of the road map including milestones that, if met, could lead to required use of IFRS for U.S. Issuers by 2014.
November 14, 2008
SEC Publishes IFRS Roadmap
November 14, 2008 – The Securities and Exchange Commission released its proposed roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards by U.S. issuers. The roadmap sets several milestones that, if achieved, could lead to the required use of IFRS by U.S. Issuers in 2014. Comments should be received on or before 90 days following publication in the Federal Register.
September 30, 2008
SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value
September 30, 2008 - Office of Chief Accountant recognizes and supports efforts of FASB and the IASB on issues of fair value. While FASB is preparing to propose additional interpretative guidance on fair value measurements under U.S. GAAP, SEC and FASB staffs provide immediate clarification to a number of questions.
August 27, 2008
SEC Unanimously Approves Exposing Proposed IFRS Roadmap for Public Comment
In what all of its members agreed was a significant decision, the Securities and Exchange Commission today unanimously agreed to a series of steps that could lead to the required use of IFRS by U.S. issuers by 2014.
August 26, 2008
SEC expected to unveil roadmap for IFRS adoption
SEC commissioners will meet at Wednesday, Aug. 26, 2008 at 10 a.m. to discuss a proposed timeline and other elements of a roadmap for requiring U.S. publicly held companies to transition from U.S. GAAP to international financial reporting standards.
August 4, 2008
SEC Chairman Cox Says Subprime Market Crisis a "Stress Test" for GAAP, IFRS
Securities and Exchange Commission Chairman Christopher Cox kicked off a discussion on financial reporting Monday Aug. 4, 2008 saying the subprime mortgage crisis provided "a critical stress test" for U.S. generally accepted accounting principles and International Financial Reporting Standards.
August 4, 2008
View Archived Webcast of August 2008 SEC Roundtable on IFRS
On August 4, 2008, the Securities and Exchange Commission held a roundtable discussion on International Financial Reporting Standards (IFRS) developments, including the experience with use of IFRS during the recent period of market turmoil.
July 31, 2008
SEC To Hold Hearing on IFRS, GAAP Role in U.S. Stock Market Declines
The Securities and Exchange Commission plans a hearing Aug. 4 to analyze the performance of International Financial Reporting Standards versus U.S. generally accepted accounting principles during the U.S. credit crunch and subprime mortgage meltdown.
SEC IFRS "Roadmap"
SEC Roundtable on Practical Issues Surrounding the Use of IFRS in the U.S. in Recent Years, and Its Potential Expanded Use in Future Years.
SEC Office of International Affairs
The Office of International Affairs (OIA) promotes investor protection and cross-border securities transactions by advancing international regulatory and enforcement cooperation, promoting the adoption of high regulatory standards worldwide, and formulating technical assistance programs to strengthen the regulatory infrastructure in global securities markets.

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