IASB, FASB Gear Up for IFRS Decision

Following on yesterday's post - Will SEC Speak On IFRS This Week? - which noted remarks by SEC Chief Accountant Jim Kroeker in and around an IFRS Advisory Council meeting in London earlier this week, ascribing an 'optimistic' attitude about SEC's impending decision on IFRS (as cited by Reuters' Huw Jones), and a sense that the U.S. 'nears an accounting shift' ( according to WSJ's Michael Rapoport), there are some other significant developments announced during the past few months, and the past month in particular, that indicate the IASB and FASB are gearing up to position themselves, and assist in positioning a favorable decision (favorable to each of the respective standard-setters) by the SEC, on the question of whether, when and how to permit or require the 'use of IFRS' by U.S. public companies.

Besides the two major reports released by the Monitoring Board of the IFRS Foundation and the IFRS Foundation Trustees earlier this month, the IASB and the FASB have been taking actions to further establish their respective positions as well as shared points of view. These actions include the comment letter filed a few months ago by FASB's parent, the Financial Accounting Foundation, with respect to the SEC's earlier 'condorsement' proposal, the IASB's and IFRS Foundation's work continuing apace as new Chairmen of both groups came aboard in 2011, and the IASB's upcoming series of public roundables on its 'agenda consultation' (these roundtables follow the earlier public comment period).Read more about these significant developments at the IASB and FASB that can be viewed as helping them gear up for the SEC's ultimate decision regarding the use of IFRS in the U.S.
 

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FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI

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