SEC Releases IFRS Staff Paper On FASB Endorsement, Incorporation of IFRS Into U.S. GAAP; Comment Sought By 7/31
Yesterday, the SEC quietly posted a "Staff Paper" on the "Incorporation" of IFRS into the financial reporting system for U.S. issuers. As noted in the Request for Comment at the conclusion of the IFRS Staff Paper(emphasis added):
The Commission has yet to make a decision as to whether and, if so, how, to incorporate IFRS into the financial reporting system for U.S. issuers. This Staff Paper describes how one possible incorporation approach could be used to incorporate IFRS into the financial reporting system for U.S. issuers, if the Commission were to choose to do so. However, the Staff acknowledges that this is not the only possible approach of incorporation. Other possible methods of incorporation have been explored previously in much greater detail (e.g., providing for optional use or specifying mandatory, date-certain incorporation). Given the extensive discussion on these other alternatives and given the consideration by the Commission as to whether or when IFRS may be incorporated into the U.S. financial reporting system, the Staff is interested in constituents’ views on the framework and any other possible approaches of incorporation of IFRS, including views on those approaches explored previously. Feedback can be provided through the SEC website by following the link below. Feedback would be most helpful if received before July 31, 2011.
Read additional highlights from the SEC's IFRS Staff Paper, and 'my three cents,' here.