European Commission Legis. on Equiv of GAAP to IFRS, U.S. SEC Action on IFRS for U.S. Co's Expected Within Weeks, Some Say | AccountingWEB

European Commission Legis. on Equiv of GAAP to IFRS, U.S. SEC Action on IFRS for U.S. Co's Expected Within Weeks, Some Say

By Edith Orenstein, FEI Financial Reporting Blog - Earlier this week, the European Commission (EC) announced that it intends to propose legislation “within the coming weeks” for a finding of equivalence between IFRS and U.S. GAAP, as well as certain other 3rd country GAAPs. A working paper details the basis of this decision, detailing major differences between certain GAAPs and IFRS in an Annex taken from the recent advice (report) of the Committee of European Securities Regulators (CESR) which we previously reported on here.

Separately, in announcing the formation of the KPMG IFRS Institute, KPMG Chairman & CEO Tim Flynn stated: "The question about whether the world is going to global standards is no longer ‘if,’ but ‘when.’"

Flynn added, "The Securities and Exchange Commission (SEC) is expected to issue a rule proposal in the next few weeks outlining the manner, timing, and eligibility for some U.S. public companies to transition from U.S. Generally Accepted Accounting Principles (GAAP) to IFRS."

There are a number of conferences coming up to learn more about IFRS, including FEI's June 5 conference in NYC: "The World Is Moving To IFRS-Are You?" A keynote will be provided by SEC Corp Fin Director John white on the status of related SEC rulemaking. Space is limited, registration info, agenda and speakers are listed here: www.financialexecutives.org/ifrs .

See further details on the above topics here.